How to avoid 6 TAX return mistakes…
During the tax season many people get nervous about making mistakes on their tax returns that not only waste their time and the IRS’ but can also cost them financially.
No one wants it to happen, of course, but there is always the possibility that mistakes can be made. It's normal (we're all human!), meaning it's a laborious and complicated process and the most common mistakes are usually made on the simplest things. But to avoid the IRS penalizing you with fines for small mistakes, you have two options: call a #TeamOfTaxExperts, like we at Core CPAs & Advisors, who can take care of this lengthy process for you, or you can follow these suggestions to make this tax season a success for you and avoid the most common mistakes in this type of situation:
- Check your personal information. As we mentioned previously, it is common to make mistakes in the simplest details such as your name, Social Security Number, etc., so you better read what you type before you send it.
- Check your math. The IRS finds this to be one of the most common errors on tax returns. It can happen from a simple addition to a more advanced calculation. To avoid this, you can use specialized tax preparation programs that will help you do them in less time and with greater accuracy. In case you have doubts about a specific calculation, you can check the instructions provided by the IRS agents on its website.
- Make sure you do not make typographical errors. With so much data to fill in, it is easy to miss or transpose some digit by mistake. For this reason, you should double check all your data before submitting your return.
- Make sure you receive your return. We suggest checking your bank account information if you need the IRS to direct debit your return.
- Include all your income. Whether or not you received a W-2 or 1099 form for the money, you need to report all your income. This includes any extra money you have received. It is important that you have kept an orderly record of your income throughout the year so that you know exactly how much to claim when the due date arrives.
- Filing your return too early. Just as it is a mistake to file your tax return late, it is also a mistake to file it too early, because you run the risk of not having all the necessary documents at the time of filing your return and, therefore, it is easier for you to make a mistake in its processing.
We recommend you keep yourself informed of the news that the IRS may present through its website, as well as to ask your trusted CPA any questions you may have so that your taxes represent one more process that you will carry out successfully.