It’s not unusual to make errors with paperwork, but when it comes to tax filing, the smallest detail can cost you large sums of money. Being accurate literally pays off in this scenario and should be a priority. Make sure you avoid the following costly mistakes this tax season!
Computation Errors
Working with numbers can be confusing, but it’s worth the time and effort when it comes to tax filing. Double check your numbers, ensure you are writing down the right amount, and you can be rewarded with less penalties and tax, and possibly higher refunds.
Wrong or Missing Social Security Numbers
Thousands of returns are being rejected by the IRS every year due to this error. Make sure you won’t belong to that group and double check your SSN. This is very important not just for accurate filing and getting returns quickly, but for preventing fraud as well.
Marital Status Changes
If you’re recently married or had a new addition to the family, don’t forget to include that in your returns. This can have a huge impact on your tax amount and your refunds.
Failing to Claim Credits and Deductions
When filing your return, always look for opportunities to get credits and deductions. Be on the lookout and don’t let money slip away.
Missing the Deadline
We all think the deadline is too far away, right until the deadline is few days away. Then, we rush everything making our days miserable. Worse, our returns become filled with errors and we have no more time to fix it. Don’t be that guy.
Mistakes are inevitable. They can happen to anyone no matter how careful we are. But it pays to have a more attentive eye and an effort to review up to the smallest details.
We can help you get these common tax errors out of the way and ensure you file accurately and smoothly! Contact us today to get assistance!
Read more great tips like these on my CPA blog.
Photo courtesy of patpitchaya at freedigitalphotos.net
Trackback URL: https://paramountbusinessadvisors.com/index.php/2016/01/28/tax-mistakes-to-avoid-this-tax-season/trackback/
