To help avoid an audit letter or to expedite your refund, there are some common errors you can check for before sending in your tax return.
1. Missing or incorrect social security number. – Make sure the SSN is put in correctly and that the name matches the SSN.
2. Failing to include all income. – Income includes interest, 1099’s, W-2’s, dividends and any other source of income.
3. Math mistakes – Check the return. If you have a complicated return, you might consider have it prepared professionally.
4. Forgetting to sign and date your return.
5. Failing to file your tax return. – Failure to file has steeper penalties than filing and not paying. Make sure to file on time or file an extension, find more on what to od in such cases.
6. Forgetting to include the payment. – If there is a balance due, make sure to include the payment with the return.
7. Claiming the wrong amount of credits and deductions. – This is actually the biggest mistake in filing returns. This can result in steep penalties and even an audit. If you are not sure about credits or deductions, go to www.irs.gov or consult a professional.
8. Wrong filing status. – If you are not sure, go to www.irs.gov or check with your tax preparer.
9. Failing to include estimated tax payments or previously applied refunds.
10. Incorrect bank numbers for direct deposit.
Checking for these simple common errors or hiring a small business accountant when doing tax prep can save a great deal of time and frustration and ensure that your tax return is processed by the IRS without delay. Moreover, attending tax planning courses will also help you gain knowledge on taxation.
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