What mistakes do taxpayers make on their filings?

Every year, millions of Americans are put into a position in which they are trying to navigate the often complicated world of filling out their tax forms, and their lack of familiarity with doing so can often lead to errors that could end up costing them money or causing a hassle later on. As such, knowing some of the most common mistakes people make might help them to get a better handle on their filings going forward.

Simply put, the biggest mistake any consumer can make in filling out tax forms is writing down incorrect information for themselves or the others listed on their filings, according to a report from Inman News. For example, mistyping or printing Social Security numbers, names, and so on can create massive complications that may make it very difficult for the IRS to process forms expediently, or at all. This is also true of inputting incorrect bank account numbers, because while it won't affect filings, it can certainly delay the distribution of refunds if necessary.

Other issues
Of course, one of the more common mistakes that many people make has nothing to do with writing down the wrong information, but rather doing the necessary math on their filings incorrectly, the report said. Not carrying a number here or there is especially problematic for those who still submit paper forms, as the process is typically automated with electronic filings.

Another extremely common mistake that's easily avoidable but can create a major problem is simply making sure to sign and date the necessary tax forms, the report said. Unless the IRS receives signatures and dates on both all submitted documents, the filing is invalid. In addition, for people who are married and filing jointly, the signatures of both spouses must be on the documents in order to be processed.

Another great way to avoid making any mistakes in filling out various forms during filing season is to work with an experienced tax professional throughout the entire process. This may help to not only get around potential errors, but uncover potential benefits or deductions that the consumer didn't know about, which might end up saving them large sums of money. 

For a more in-depth look at Liberty Tax Service, visit the Give Me Liberty! Magazine. Follow Liberty Tax on Facebook and on Twitter or contact Liberty Tax directly at 1-877-at-Liberty.