Tax filing is an essential part of life. And with that comes the need to ensure that there are no mistakes. No one likes making mistakes to begin with, but when it comes to your taxes, even a small error can cost you big time. To avoid any costly surprises, here are four common tax return errors to look out for:
1. Not Filing on Time
This is the most obvious error you can make, and yet, it’s also the most common. Every year, millions of taxpayers miss the deadline to file their taxes, and as a result, they incur late fees and interest. But that’s only half of the mistake…
2. Failing to File for an Extension
If you know you’re going to miss the deadline to file your taxes, the best thing you can do is file for an extension. This way, you’ll avoid any late fees or interest. All you need to do is submit a form to the IRS requesting an extension, and as long as you file your taxes by the extended deadline, you’re in the clear.
3. Not Paying Enough Taxes
If you don’t pay enough taxes throughout the year, you’ll end up owing the IRS when you file your return. And if you don’t pay what you owe, you’ll be subject to interest and penalties. To avoid this, make sure you have a good understanding of how much tax you owe and adjust your withholding accordingly.
And if you’re the least bit unclear as to how much you owe, don’t hesitate to speak with a tax return preparation lawyer. They can help you determine the right amount of taxes to pay. And in doing so, you won’t have to worry about any penalties or interest.
4. Misspelling Name
It might seem like one of those mistakes that’s impossible to make, but you’d be surprised at how often this happens. So, take a moment to double-check your name (and your spouse’s name, if you’re married filing jointly) before you file your return. After all, it’s better to be safe than sorry.
5. Mismatched Social Security Numbers
This is another mistake that’s easily made, but it can have costly consequences. Filling in your Social Security Number incorrectly on your tax return can result in delays in processing and refunds. So, take a moment to verify that the social security numbers on your return match the ones on your Social Security card.
6. Math Errors
Math errors are probably the most common type of error made on tax returns. And unfortunately, they can often go undetected. If you’re not confident in your math skills, it might be a good idea to have someone else double-check your work. Or, you can use tax preparation software, which will do the math for you.
If you’re not proficient with math or software, set up a time to meet with a tax return preparation lawyer to assist you with your return. This way, you can avoid any costly errors.
7. Incorrect Bank Account or Routing Numbers
When you file your taxes electronically, you’re required to provide your bank account and routing number. And if you provide the wrong information, your refund will be sent to the wrong account. As a result, you might not get your refund as quickly as you’d like. To avoid this, take a moment to verify that the account and routing numbers on your return are correct.
8. Filing Status Errors
Your filing status determines the tax bracket you fall into and the amount of taxes you owe. So, it’s crucial that you choose the correct filing status for your situation. If you’re not sure which filing status to choose, speak with a tax return preparation lawyer. They can help you determine which status is best for you.
9. Not Signing and Dating the Tax Return
Lastly, don’t forget to sign and date your tax return. If you fail to do so, the IRS will reject your return. And then you’ll have to prepare and file a new return, which can cause delays in processing and refunds.
These all may seem like innocent mistakes, but they can have costly consequences. So, take the time to review your tax return carefully before you file it. And if you’re unsure about anything, don’t hesitate to seek professional help. The last thing you want is to end up owing the IRS because of an error on your return.
Tips to Ensure an Error-Free Tax Return
While it’s impossible to guarantee that your tax return will be error-free, there are some things you can do to minimize the chances of making a mistake. Here are a few tips to keep in mind:
1. Review Your Tax Return Carefully
The first and most important step is to review your tax return carefully before you file it. This includes checking for errors in math, spelling, and grammar. If you’re not confident in your ability to spot errors, ask someone else to review your return for you.
2. Use Tax Preparation Software
If you’re not comfortable doing your own taxes, consider using tax preparation software. This can help to ensure that your return is accurate and that you don’t make any mistakes.
3. Hire a Tax Return Preparation Lawyer
If you’re still not confident in your ability to prepare an accurate tax return, consider hiring a tax return preparation lawyer. They can help to ensure that your return is error-free and that you don’t end up owing the IRS.
4. Keep Good Records
Finally, make sure to keep good records throughout the year. This will make it easier to prepare your tax return and to spot any errors that might have been made.
By following these tips, you can help to ensure that your tax return is accurate and error-free. And if you do make a mistake, you can fix it before it causes any problems.
Need Help with Your Taxes? Call the Law Offices of Mary King
If you need help preparing your tax return, call the Law Offices of Mary King. Mary is an experienced tax return preparation lawyer who can help you prepare your return and avoid any mistakes. To learn more or to schedule a consultation, call 941-906-7585 or submit our contact form.
The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.