When it is time to file taxes you want to make sure that you are filing your returns correctly. Just one mistake, regardless of how small it is, could cause you to pay too much money in taxes, receive less of a refund than owed, or even delay when you receive your refund. Today, we are discussing the three most common tax mistakes to avoid this tax season.
Math Calculations
Tax software has been introduced to help eliminate the number of mathematical errors that are made. However, there are still some taxpayers who prefer to hand write their taxes and do all of the math calculations themselves. Many people do not trust technology still and because of their lack of trust, they make errors in their taxes that the regret down the line. Not having the correct numbers listed is one of the most common tax mistakes that the IRS sees each year.
Take a look at this week’s Seattle CPA post on tax deductions “4 Tax Deductions That Can Save You Big Bucks”
Misspelled Names
Spelling a name incorrectly is just as bad as a mathematical problem. If the names do not match up the IRS is unable to process the return. This is something that is common among newly married women. They may be married but have not updated their last name legally or they may put their maiden name instead of their new last name.
Additional Income
Some taxpayers want to use the shorter/easiest form possible to file their taxes. However, not all of the forms include everything that they need to report. Remember when filing your taxes you are expected to report all of your income. When filing taxes this year make sure that, you are not making any of these three common tax mistakes.
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