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Common Tax Filing Mistakes to Avoid

Common Tax Filing Mistakes

Are you feeling overwhelmed by tax season? You’re not alone! Filing taxes can be a daunting task, and it’s easy to make mistakes that could cost you time, money, and stress. But don’t worry – we’ve got you covered. In this blog post, we’ll go over some of the most common tax filing mistakes and how to avoid them. From forgetting to sign your return to claiming deductions you’re not entitled to, we’ll give you the knowledge and tools you need to navigate the tax filing process with confidence. So take a deep breath and get ready to learn – with a little bit of preparation and attention to detail, you can avoid these common pitfalls and file your taxes with ease.

Don’t Make These Common Tax Filing Mistakes

Math Errors

According to statistics from the 2018 fiscal year, the IRS discovered nearly 2.5 million math mistakes in returns filed for 2017. These errors can be as simple as a mistake in addition, subtraction, multiplication, or division, or even selecting the wrong number from a tax table or schedule.

These errors are usually caught by IRS software and a notice would be sent to you explaining the error, and letting you know that your refund was modified (or that you owe additional money). While it is easy to fix math errors, they can cause delays in processing your return.

It is simple to avoid common math errors. You can use tax software to automate most calculations and catch errors before you send your forms to IRS.

Choosing the Best Filing Status

It is essential to choose the right filing status when filing your tax return. This can affect your tax bracket, tax credits, and deductions that you can claim, as well as the amount of tax that you have to pay.

There are five filing statuses.

  1. Single
  2. Head of household
  3. Married filing jointly
  4. Married filing separately
  5. Qualifying widow(er)

Each filing status has its own rules about who can choose that option. If you are eligible for more than one tax status, such as single or head of household, the choice you make could be resulting in a higher refund or more.

Tax Deductions Missed

If you don’t know your eligibility for certain tax credits or deductions, you might miss tax-saving opportunities.

The IRS will most likely find your W-2 income missing or claim someone you claimed as a dependent. However, they won’t fix it if you forget to claim the child and dependent care credit or the deduction. This could mean that you may be wasting serious money.

Not Completing Important Paperwork

Many taxpayers are eager to file their tax returns early so they can get their refunds early. However, filing too soon or hurrying through the process could lead to errors that will require you to modify your tax return later.

Institutions and other organizations that issue tax forms might send them late or send amended forms several weeks after they were sent.

  • Think carefully about the activities that could have led to a tax document being issued to you before you file.
  • Have you opened a new investment account? Did you make a charity donation, paid for school tuition, or paid a student loan?
  • Before you file, make sure you have all of the necessary documents.

Incorrect Routing/Account Number

If your refund is not yet direct deposited to your bank account you will be waiting for a while if you enter the wrong routing number or account number.

  • Before releasing refunds, the IRS will verify routing numbers and account numbers.
  • The IRS will often send you a paper check rather than a direct deposit if the number you have entered isn’t valid.
  • However, if your account number belongs to another person, you might get your refund. In this case, you will need to work with your bank to recover your refund.

Do not rush and double-check your numbers before filing.

Blunders in Paper Filing

Paper filing is one of the biggest mistakes in tax return filing. For example, you might:

  • Forget to sign your return and date it
  • Not add enough postage to the envelope
  • Send your tax return to an incorrect IRS office
  • Forget to include all necessary forms
  • Not arrange tax forms in an incorrect order

Final Thoughts

In conclusion, tax season doesn’t have to be a source of anxiety and frustration. By being aware of the most common tax filing mistakes and taking steps to avoid them, you can make the process of filing your taxes much smoother and more successful. However, if you find that you’re still feeling overwhelmed or uncertain about your tax situation, it might be worth considering hiring a tax lawyer

A tax attorney is a professional who specializes in the complex laws and regulations surrounding taxes and can provide expert guidance and representation to help you navigate the tax system. Whether you’re dealing with a complicated tax return, facing an audit, or having other tax-related issues, a tax lawyer can provide the knowledge and support you need to resolve your tax issues and get the best possible outcome. 

So if you’re feeling uncertain about your tax situation, don’t hesitate to seek out the help of a tax lawyer – it could be the best decision you make this tax season.

Get in Touch With an Experienced Tax Lawyer Today

If you’re looking for expert guidance and representation to help you navigate the complex world of taxes, look no further than Tenina Law. Our team of experienced tax lawyers is here to provide you with the knowledge and support you need to resolve your tax issues and get the best possible outcome. Whether you’re dealing with a complicated tax return, facing an audit, or having other tax-related issues, we’re here to help. 

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So don’t hesitate – get in touch with us today and take the first step towards resolving your tax issues and finding peace of mind. Contact us now to schedule a consultation and learn more about how we can help.

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