Are you willing to prepare and file your tax return?
do not make these mistakes!
mistakes on your tax return can delay the processing of your return, in addition, the tax refund that you rely on.
Fortunately, most of the most common errors are simple human errors that have little to do with the code of complicated taxes.
spending a little more attention to a few things will make tax time a much smoother process and error free.
Using do-it-yourself software solutions to tax preparation greatly reduces the risk of errors, especially if you import information back to last year.
However, all taxpayers should be double check a few key pieces of information on their statements
To help you file a tax return without error the first time, every time the following are the common errors and why they rely :.
names do not match Social Security cards
Believe it or not, the names are one of the main reasons for returns are rejected by the IRS. More common than spelling errors depends names that do not match their Social Security cards.
The IRS database synchronizes with the Administration of Social Security. If the IRS computer system can not locate a name on your tax return in the SSA database, it will reject your return.
Although easy to fix, your return will not be processed until the correction is made.
Entering an incorrect Social Security numbers
Another common error is incorrect social security numbers (SSN). If one of SSNs on your statement are correct, the IRS will reject your return.
In addition to the hassle of fixing and resubmit your return, there is another reason for SSNs correct the first time.
Several tax breaks, such as child tax and tax credits for children and additional education credits and dependent care requires correct SSNs.
forget to include income
If you forget to include income on your return, the IRS will let you know, and depending on when your monitor is discovered, you might also have penalties and interest on unreported income.
agency knows how much income was deposited into your bank accounts and investment based on your SSN and 1099 financial institutions submit to the IRS.
Not including tax deductions and credits
There are hundreds of tax deductions and credits available for the taking. If you miss one of your return, the IRS will not tell you
There is a simple solution for this -. Using tax preparation software. The program will help you get all the tax breaks you deserve. It guides you through every credit and deduction by asking simple questions.
Claiming the wrong filing status
Because filing status determines many amounts on the tax returns, the IRS has strict qualification criteria for each of the five filing statuses .
Choose the wrong state and the IRS will reject your return. Tax preparation software will walk you through your options and help you choose.
If you qualify for more than one status, claiming that resulting in repayment more or less the tax due.
mathematical errors
If you use tax preparation software, you do not have to worry about it.
The most common mistake on tax returns, year after year, is bad math.
errors in arithmetic or in transferring figures from one table to the other will result in an immediate correction notice.
math errors can also reduce your refund or result in you owing more tax than you should.
routing numbers and incorrect account for direct deposit
If you choose to have your refund directly deposited into one or more accounts, check the routing and account numbers entered in your declaration.
Just a wrong number can mean several more weeks of waiting for your refund, someone else receive your refund or rebate being sent to the IRS.
missing the deadline April 15 tax return
last error is very simple to avoid. File your return on time. If you need more time, file Form 4868 by April 15 for an automatic extension of deposit of six months.
Remember that you are still required to pay the taxes due April 15 or incurring late filing penalties and interest charges.
If you can not afford to pay what you owe, the IRS offers assistance. Call the agency to discuss payment plans, payment options, extended time to pay and other forms of assistance
Photo credit :. Ktpupp via photopin cc
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