Whether intentional or unintentional, tax return mistakes may have big consequences. Here are the seven most common mistakes that you have to pay close attention to.
1. Misspelled or different names
Misspelling your name or not using the correct name will cause obvious issues with your return. Double check this easily overlooked piece. If you were recently married, make sure that your current SS# and the name on your tax return are all the same.
2. You don’t sign your return
Sounds so simple, but it happens to people every year. Don’t be that guy.
3. Use the wrong filing status
If you are married, you can’t file single, if you are single you can’t filed married. Seems simple but many people choose the wrong status. If you are a single person who has children living with you, you can file as head of household. Head of Household is not a filing status for the breadwinner. File correctly.
4. You didn’t double checking accountant/tax preparer
They do make mistakes, $540 dollars can become $203 easily. Go over the numbers to make sure that the numbers are correct.
5. Forget to include income
Good Rule if it made you money and it isn’t a qualified retirement account, it will probably trigger taxes. This includes freelance work, tips, selling craft goods on Etsy, lotto winnings.
6. Take all of the deductions you’re entitled to:
Did you move? Was your home was struck by a natural disaster? Are you a teacher? Make sure you don’t miss out on significant deductions.
7. Make a copy
The window in which the IRS can audit you is typically 3 years. Depending on the infraction it can be as much as 6 years or indefinite. Make a copy and keep all related documentation.
Bonus and Most Important Tip:
GET YOUR REFUND FASTER BY FILING YOUR TAXES ONLINE!
For many people, their tax refund is the biggest paycheck they receive all year, so it’s no surprise people want to get it as soon as possible. Here's why filing your taxes online with a reliable provider, such as eFile or H&R Block
- Save time and money by filing online - Online tax preparation is the fastest growing tax preparation method. Why do most people file their taxes online? Because it not only saves time, but it also more COST-EFFICIENT!
- Get your refund faster - When you file online, your tax return can be processed and delivered faster than paper filing!
- Get it right the first time around - many online platforms do the calculations for you, so you can file your taxes online and get it right the first time.