Friday, May 27

9 mistakes on your tax return that could cost you a lot of money



When filing your taxes, you must be careful of several errors when filling in your data, which can be avoided by filing electronically. And it is that the tax software does the calculations, marks the most common errors and tells you if you lack information.

Next, we share with you the points in which you should be more careful, to avoid losing refunds or delaying their delivery.

1–File your returns too soon

While taxpayers shouldn’t file their returns past the due date, they shouldn’t file them early either.

And it is that People who rush to file their taxes before receiving all the proper documents risk making a mistake that can lead to a delay in processing.

2–Wrong or missing Social Security Numbers (SSNs)

Each Social Security Number on a tax return must appear exactly as it is printed on the Social Security card. Pay special attention when giving this information.

3–Incorrect names

As above, a name on a tax return must match the name on that person’s Social Security card.

4–Entering incorrect information

Wages, dividends, bank interest, and other income received that was reported on a return must be entered carefully. This includes any information needed to calculate credits and deductions.

Using tax software should help prevent math errors, but you should always check your tax return to verify your data.

5–Errors in the tax marital status

Some taxpayers claim the wrong filing status. The Interactive Tax Assistant (ITA) on IRS.gov can help you choose the correct filing status, especially if more than one applies. Electronic filing software also helps prevent filing status errors.

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6–Mathematical errors

Mathematical errors are the most common. They range from simple addition and subtraction to more complex items. Because, you should always check your math calculations. Remember that tax preparation software does this automatically.

7–Errors in the computation of credits or deductions

You can make mistakes when determining your Earned Income Tax Credit, Child and Dependent Care Credit, Child Tax Credit, and Refund Recovery Credit.

The Interactive Tax Assistant can help you determine if you are eligible for tax credits or deductions. The filing software will calculate these credits and deductions and include the required forms and schedules. You should check where the items appear on the final declaration before you hit the submit button.

8–Wrong bank account numbers

If you are owed a refund, you should choose direct deposit. This is the fastest way to get your money. However, be sure to include the correct routing and account numbers on your tax return.

9–Forms without signatures

Remember that an unsigned declaration is not valid. In most cases, both spouses must sign a joint return.

You can avoid this mistake by filing your return electronically and digitally signing it before sending it to the IRS.

You may also like:

–4 advantages you have if you ask the IRS to give you your tax refunds using direct deposit

–IRS has already finished sending all stimulus checks this Wednesday, but you can still request yours if you have not received it

–Tax season: 4 tips to make your return to the IRS without problems and get a refund faster

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