Are you spending countless hours organizing and preparing your statement of income tax?
According to the IRS, the average American spends about 12 hours to prepare a tax return on income Form 1040
With so much time invested, the last thing you want do is make a mistake on your tax return -. especially one that delays your refund.
Fortunately, many of the most common mistakes on tax returns are quite simple in nature.
1. incorrect Social Security numbers
They should match perfectly with what's on the social security cards because the IRS compares the registration information revenues with the database of the Administration of social security.
2. misspelled names
All names on returns must also match social security cards. Pay special attention to family names of dependents, as those tend to be misspelled.
3. Filing status errors
There are five filing status options. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax.
Choosing the best filing status for your situation is one of the first steps in filing your federal tax return on income.
4. Calculation Errors
In addition to math errors, taxpayers often miscalculate amounts related to their taxable income, withholding and estimated tax payments, credit earned income tax, the burden of care for children and credits the standard deduction for those 65 and over amounts or blind, and taxable social security benefits.
5. Incorrect bank account numbers for filing or direct payments
Check the routing and account numbers for your financial institution so you either get your refund in a timely manner or pay your balance on time (penalties and interest, avoiding).
Tip: Prepare your return when you have less distractions
If you are interrupted, stop and come back when you return later or even the next. day. You should not do your taxes in one sitting
How much time do you spend preparing your tax return on income
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