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7 Common Tax Filing Errors and Mistakes to Avoid
The risks of committing avoidable tax loopholes, especially around the tax filing deadline, are generally high, some with negative consequences that may even result in a tax audit or unnecessary delays in processing returns. Below are seven such errors that can be avoided by simply double-checking completed returns before submitting them to the IRS:
1. Wrong social security numbers: Make sure all Social Security numbers, whether for yourself, your children, your spouse, or your dependents, are correct. The IRS has rated this as the most common return error so you need to double check. This should be done whether you are filing in print or online.
2. Name errors: Be sure to use your own name, especially if you are married and filing separately as opposed to your spouse’s. Make sure the name on the statement matches the name on your Social Security card. Contact the Social Security Administration for a new card if there are any changes to the name(s).
3. Incorrect/multiple fill statuses: You can only file under one filing status at a time. Even though online tax preparation software does not accept multiple filing status selections, it is common for those filing on paper to check off more than one status at a time. Make sure that doesn’t happen.
4. Signature of all signature areas: Your tax return is only valid if signed accordingly by all parties involved. If you are filing a joint return, make sure your spouse also signs, as failure to do so may result in delays or even rejection of the return.
5. Mathematical errors: Mathematical flaws are common, especially when manually calculating the amount of tax due. Avoid this by using only the most recent version of the tax tables, cross-checking the calculations and making the necessary corrections.
6. Claim credits and deductions: IRS credit and deduction regulations are constantly changing each year, and you should check that you qualify for some, such as the earned income credit, which is calculated on the basis of gross income before applying. The same goes for deductions, some of which are age-specific. To avoid delays in processing your return, claim only the credits and deductions to which you are entitled.
7. Routing and account numbers: Most taxpayers seeking refunds prefer direct IRS filings, which can only be made possible if you provide accurate routing and bank account numbers. It is very easy to correct this error; just review the details before depositing.
Finally, do not hesitate to request a tax return extension if you cannot file the return on time. This will not only allow you to avoid common tax mistakes, but also interest and penalties from the IRS.
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