Taxpayers who are rushing to get through filing season may find that even small errors can cost them valuable deductions or even put them at a higher risk for an audit.
A recent reminder from the Internal Revenue Service offered taxpayers some tips on the things they should be keeping an eye out for before they send in their returns.
For example, the IRS notes that it's fairly common for people to enter incorrect Social Security numbers or forget them altogether. It's also common for people to misspell their names or those of dependents, or to incorrectly label their filing status. Another common error is for people to enter the wrong bank account number for their return to be sent to.
Taxpayers can also frequently make math errors when doing their returns, especially when computing things like taxable income and estimated payments, or other things such as the Earned Income Tax Credit. Finally, some people forget to sign and date their return.
Overall, people may find it in their best interest to work with a skilled tax preparer who can help them avoid errors and maximize their returns.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.