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Avoiding Tax Return Mistakes That Could Cost You
Did you know that the average person spends approximately 12 hours preparing their income tax return? Have you started gathering all your information to prepare your 2018 tax return? Remember, if you spend all this time preparing your return, the last thing you want to do is make a mistake because you’re in a hurry. Mistakes, no matter how simple, can delay reimbursement. Here are some common mistakes made on tax returns and what you can do to avoid them.
Get organized: If you don’t already have your tax information, start now. Lack of information can have the potential to cost you unnecessary funds.
Inappropriate Social Security Number or Incorrect Identification: The SS number must match the one on your Social Security card because the IRS compares all returns to the Social Security Administration database . Plus, it’s easy to focus on the numbers and forget to sign your return or even enter other necessary data. Even having the wrong name can be a problem. These problems usually happen after marriage or divorce, especially if you haven’t reported Social Security.
Filing Status Errors: There are five filing status options (single, married filing jointly, married filing separately, head of household, and qualifying widow with dependent) that are used to determine your filing requirements (deduction standard, eligibility for credits, deductions and your correct tax Choosing the best filing state for you is one of the first steps in filing your return.
Math Errors and Miscalculations: With all those numbers you can enter on your tax forms, it’s easy to make simple math mistakes. If the IRS finds these errors, it can recalculate them for you, but not to your advantage. So it would be helpful to check the math before submitting the forms. In addition to possible math errors, there may be calculation errors related to taxable income, withholdings, estimated tax payments, and miscellaneous. tax credits
Incorrect bank account numbers for direct deposit: It’s important to review your bank’s routing number and account number to ensure you receive your refund in a timely manner. Just as important is paying taxes on time to avoid potential penalties and interest.
Undeclared Income: Don’t forget to add income from anything other than your job. This includes interest income, savings dividends, rental income or funds from a second job. Be sure to add up all your income statements (W-2, 1099, K-1, and 1098). Remember that the IRS also receives copies of all these forms.
Filing late or not at all: Many of us can get carried away with the details and put off or fail to file our returns on time. Sooner or later, the IRS will discover your delay and you will receive a bill for interest and penalties for not following the rules. If you can’t meet the April 15 deadline, you can request a six-month extension and avoid these penalties if you pay the taxes due before the filing deadline.
Start saving: Whether you owe the IRS or you’re waiting for a refund, it’s always good to be saving. Sometimes refunds are delayed, so you can’t delay your bills while waiting for your refund. Be sure to set aside a portion of your income now so you’re ready to pay any unexpected payments.
Use your refund wisely: If you’re expecting a refund this year, make sure you use it wisely. Before you spend it, make sure you prioritize your financial needs and target your repayment to that.
My advice to you: Make sure you prepare your tax return when you have fewer deviations. If you are interrupted or have annoying distractions, stop what you are doing and complete your return later. A little extra time spent on your tax return will help you file 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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