Let's face it, filing taxes isn't always fun, and it only gets more complicated as you progress through life's stages: getting married, buying a house, having kids, etc. The more complex your tax forms become; the more mistakes made. When it comes to taxes, that's something you really don't want to do wrong.
We want to help you pinpoint common errors in tax filing so you don't make the same mistakes!
- Misspelled names: Ever get a test back just to realize you got a zero for not putting your name on it? Well this is the grown-up version of that for taxes. The IRS requires names to be entered as seen on Social Security cards, so it's always good to double check.
- Wrong filing status: Filing statuses can get complicated €" like when a married couple can claim head of household if they are separated and living with a child. That means if you have in doubt, look for guidance either from your tax professional, or from IRS resources.
- Mixed up Social Security Numbers: If there are a lot of people in your family (kids, spouse, etc.) it can be easy to mix numbers up, and cause you to get rejected. To be on the safe side of things, pull out the cards for each person and write them down carefully to make sure you get it right the first time.
- Forgetting to sign a form: Remember what we said earlier about not putting your name on the paper? Well here that is, back to haunt you in your adult life. If you do not sign your returns in all the right places, you can count on a rejection. If you're married, make sure your spouse signs too!
- Incorrect E-signature: Are you starting to see how important your name can be? When you file online, you have to sign things with your Personal Identification Number. Software often asks taxpayers to enter the adjusted gross income from previous returns. If you had to correct your return, make sure you're using the adjusted gross income from the original return.
- Credits and Deductions Mistakes: According to the IRS, calculation of earned-income tax credit is often a big error. You'll also want to be sure to claim the right standard deduction.
- Math: Math isn't everyone's strong suit. Luckily, most online software will calculate the details for you, but if you're filing paper returns €" make sure the numbers add up, literally.
- Bank Account Numbers Incorrect: It's hard for the IRS to direct-deposit your return to you if you give an incorrect account number!
If you have any doubts, hire a professional and make sure you get what you're owed!