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Avoiding Tax Return Mistakes That Could Cost You
Did you know that the average person spends around 12 hours preparing their tax return? Have you started gathering all your information to prepare your 2018 return? Remember, if you’re spending all that time preparing your return, the last thing you want to do is make a mistake because you’re in a rush. Mistakes, no matter how simple, can delay your refund. Below are some common tax filing mistakes and what you can do to avoid them.
Get Organized: If you don’t have your tax information together yet, you better start now. Missing information may have the potential to cost you unnecessary funds.
Wrong Social Security Number or Incorrect ID: The SS number must match what is on your Social Security card, as the IRS compares all returns with the Social Security Administration database. Plus, it’s easy to focus on the numbers you forget to sign your statement or even enter other necessary information. Even having an incorrect name can be a problem. These problems often arise after a marriage or divorce, especially if you haven’t notified Social Security.
Filing Status Errors: There are five filing status options (Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Eligible Widowed with Dependant) that are used to determine your filing requirements (standard deduction, eligible credits, deductions and choosing the best filing status for you is one of the first steps in filing your return.
Math errors and miscalculations: With all those numbers you can put on your tax forms, it’s easy to make simple math errors. If the IRS finds these errors, it may recalculate them for you, but not for your benefit. It would therefore be advantageous for you to check your calculations before submitting your forms. In addition to possible mathematical errors, there may be calculation errors related to taxable income, source deductions, estimated tax payments and the like. tax credits.
Incorrect bank account numbers for direct deposit: It’s important to check your bank’s routing number and account number to ensure you receive your refund in a timely manner. It is equally important to pay your taxes on time to avoid possible penalties and interest.
Underreported income: Don’t forget to add income from something other than your workplace. This includes interest income, savings dividends, rental income or funds from a second job. Be sure to total all of your income statements (W-2s, 1099s, K-1s, and 1098s). Remember that the IRS also receives copies of all these forms.
Filing late or not at all: Many of us can get overwhelmed with the details and delay filing our returns on time or not at all. Sooner or later the IRS will find out about your delay and you will be billed for interest and penalties for not following the rules. If you fail to meet the April 15 deadline, you can request a six-month extension and avoid these penalties if you pay the taxes due by the filing deadline.
Start saving: Whether you owe the IRS or are waiting for a refund, it’s always good to save. Sometimes refunds are delayed, so you can’t delay your bills while you wait for your refund. Be sure to set aside some of your income now so you’re ready to pay for any unexpected payments.
Use your statement wisely: If you’re expecting a statement this year, be sure to use it wisely. Before spending it, be sure to prioritize your financial needs and devote the repayment to them.
My advice: Make sure you prepare your tax return when you have fewer diversions. If you get interrupted or have annoying distractions, stop what you’re doing and finish your comeback later. A little extra time spent on your tax return will help in filing an accurate return. By following these simple tips, you can ensure that you don’t receive a letter from Uncle Sam telling you that you owe extra money.
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