The Internal Revenue Service (IRS) has identified the most common tax filing mistakes that can slow the processing of the tax return.
The slow process may result in delaying the tax refunds, so don’t rush. Learn how to avoid the most common errors that you can make and the most important – don’t wait until the last day to file the forms.
1. Wrong or missing social security number – Transposing numbers can be as basic as writing quicker than you might suspect. What’s more, endeavoring to review Social Security number (SSN) for your children can bring some errors. Ensure you enter the right numbers and after that compare them with the Social Security cards.
2. Mistaking the name – We don’t say that you don’t know your own name, but surely you need to check if you misspelled some letter. Make sure that the characters match with those on your Social Security card. If you changed your name or surname, inform the Social Security Administration about that.
3. Filing status errors – There are five filing statuses to choose from: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) With Dependent Child. Be careful in which category you fill in and select the one most appropriate for you.
4. Check your math twice – One of the principal things that the IRS keeps an eye on an expense form is math. There is always a chance that you can make some mistakes with the numbers, so check them when you do your tax filing. This is one of the most common tax filing mistakes that may cause you a lot of headaches if you don’t make it right. If you’re not sure, ask some professional to help you with it.
5. Figure out all the tax credits and deductions – this is a point where you can make a lot of tax filing mistakes, because the number of credits and deductions can be overwhelming. If you are not sure, you should read the instructions carefully or check your status with a tax professional.
6. Mistaken bank account number – If you provide the right information, you can get your refund in a few weeks. Always check if you entered the numbers correctly.
7. Sign the forms – Many of us forget to sign the tax refund form. Forms with no personal sign can cause a lot of problems and you may lose a lot of time correcting this mistake. If there is a joint return, both spouses should sign the refund form in order to be valid.
8. PIN errors when you file the refund form online – e-field tax returns also require your signature, well known as a Personal Identification Number (PIN). Remember your PIN in order to process the file.
9. Health care mistakes – IRS says that one of the most common tax filing mistakes is about failing (or forgetting) to claim a health coverage exemption. Many of the taxpayers are getting the terms wrong and they are making mistakes.
How to avoid these tax filing mistakes?
– You should always have the right personal information. Don’t rush to file the tax form and read all the instructions on how to file it right. Your handwriting should be clear, so the representatives can read it. Check all the things twice so you can correct all the eventual mistakes. Of course, don’t freak out – all of the errors can be fixed, but it will take you more time.