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Eight Tax Return Errors to Avoid

According to the Internal Revenue Service, if you make a mistake on your tax return, it usually takes them longer to process it because they may have to contact you to correct the error before they can process your return. This will delay the receipt of your tax refund.

Taxpayers who paper file their return are about twenty times more likely to make a mistake on their return than if they e-file.

Here are eight common errors to avoid.

1.    Wrong or missing Social Security numbers.  Be sure you enter your social security number correctly and should match your social security card.

2.    Names wrong or misspelled.  Be sure the name that you enter matches the name in your social security card.

3.    Filing status errors. There are five available filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) With Dependent Child. Refer to Publication 501to help you choose the right one. Each status has corresponding standard deductions so be careful.

4.    Math error.  Always double check the math.

5.    Errors in figuring credits, deductions.  If you prepare your own tax return without the help of professionals, you may have hard time taking advantage of all of the available deductions and credits. Take your time and read the instructions in your tax booklet carefully.

6.    Wrong bank account numbers.  Double check your bank account and routing numbers so that your refund is correctly deposited to you bank on time.

7.    Forms not signed, dated.  An unsigned tax return is like an unsigned check – it’s invalid. Remember both spouses must sign a joint return.

8.    Electronic signature errors.  If you e-file your tax return, you will sign the return electronically using a Personal Identification Number. For security purposes, the software will ask you to enter the Adjusted Gross Income from your originally-filed prior federal tax return. Do not use the AGI amount from an amended prior return or an AGI provided to you if the IRS corrected your return. You may also use last year's PIN if you e-filed last year and remember your PIN.

 - We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles, serving the entire U.S. See us at Google+, Yelp, Google Brand, Yelp. Call us at (424) 278-4838 or e-mail us at This email address is being protected from spambots. You need JavaScript enabled to view it..

 

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