7 common tax mistakes to avoid

Download 7 common tax mistakes to avoid

Post on 08-Aug-2015

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<ol><li> 1. An Unsigned Tax Form According to the IRS, "An unsigned tax return is like an unsigned check -- it's not valid. Though arguably the easiest part of filing a tax return, some taxpayers do forget to sign their tax return. When you file online you won't be able to submit the return without your typed signature. Remember, when you file jointly with your spouse, the return needs both spouses signatures. </li><li> 2. Wrong Social Security No. Taxpayers often write the wrong numbers for their children or other family members. Always be sure to double check you childrens Social Security numbers against their Social Security cards when inputting them on your tax return. </li><li> 3. Wrong Name According to the IRS, putting the wrong name is a common tax error. This mistake comes up a lot after a person has changed their name -- after getting married or for other reasons -- and the name they write down on a return doesn't match the name in the IRS's system. </li><li> 4. Wrong Filing Status While the difference between single and married is simple enough, many people are confused about the head of household filing status. Most e- filing software will help you choose the correct filing status. IRS.gov also has an interactive tool to help you choose the appropriate status for your situation. </li><li> 5. The Wrong Credits or Deductions One of the more serious mistakes taxpayers commit is to claim credits or deductions they do not qualify for. Conversely, many taxpayers miss out on tax breaks they do qualify for. Commonly abused or neglected credits include the Earned Income Tax Credit, the Child and Dependent Care Credit, and the Standard Deduction. </li><li> 6. Wrong Bank Account Number Direct deposit is the safest and fastest way to get your tax refund. However, when requesting a refund via direct deposit, you must enter your bank account number on the tax return carefully. Even if one number is off, the IRS won't be able to transfer your refund into your account. </li><li> 7. Calculation Errors Be sure to double-check your math before submitted your return, especially if you file a paper return. According to the IRS, people who file a paper return are 20 times more likely to make mistakes than those who e-file. If you choose to file a paper return, be sure to place the correct numbers in the correct places and to double-check your calculations. </li><li> 8. To Learn More Visit: www.RelianceTaxGroup.com Or Give Us a Call at: (877) 597-0153 Works Cited: 7 Most Common Tax Mistakes CNN Money. Cable News Network, 8 April 2015. Web. 13 July 2015. </li></ol>