4 Common Tax Mistakes
After the holidays have faded and New Year’s resolutions lay discarded in the piles of party decorations, working adults everywhere find themselves marching ever closer to the most dreaded date of the year, April 15. While many Americans, specifically those who are single with one job, enjoy a fairly simple, pain free process, many adults or their accountants have to wade through deductions, credits, assets, and a hundred other figures and sums before they can send their taxes in to Uncle Sam.
Every year thousands of taxes are filed and returned due to incorrect or missing information. This is incredibly frustrating, so we’re going to list 4 of the most common (and quite often easily preventable) mistakes that people make to help you avoid this delay.
- Incorrect, incomplete, or missing personal information – I know it sounds silly, but it’s true. Many people forget to include the simple, seemingly common sense bits of information like their social security numbers or even their signature. Additionally, for those of us who have to pay taxes every year, don’t forget to send your payment in with your forms!
- Math mistakes – in the checking and re checking of your tax documents, always double check your math! If needed, have someone else double check it for you.
- Shopping for a larger return – being overly aggressive or shopping around for an accountant that will get you a larger return can sometimes turn around and bite you if you’re not careful. While you should include all your deductions and credits, pursuing and finagling for more money back could cost you more in the long run.
- Forgetting to file an extension – April 15 is the hard deadline for submitting your taxes to the IRS. If you need more time, extensions can be filed, but must be submitted before the 15th. Forgetting to file your extension can cost you more money in fines and fees.
These mistakes are simple ones to avoid and careful review of your taxes by at least two people can help you avoid the irritating delay of having your taxes returned for re-filing.