Taxes are filed the middle of April every year. Even with an entire year to prepare and be on top of things, the beginning of April arrives again, and people make a stressful dash to get their returns in on time. While we want to file successfully, many people procrastinate, which makes crunch time more stressful. Others choose not to acknowledge tax season, either willfully or ignorantly.
While others still will absolutely lose their minds as they spend far too much time trying to pinpoint every single deduction. However, there are common mistakes that all people make that are avoidable with some simple preparation. Even the smartest and most responsible professionals can forget an item on a tax return or miss a deadline sometimes, making it worthwhile to hire a New York tax lawyer.
Unless you are a trained CPA, it is difficult to stay up to speed on all the tax codes as they continue to grow in complexity. But even the smallest errors can delay your refund, or even enforce a penalty and interest on you. The good news is that the most common mistakes people make on their tax returns are easy to correct. Most often they are typographical errors due to negligence and not proofreading. The most common mistakes are an incorrect Social Security number, which causes a huge problem. Check the number numerous times. If you are filing with your partner, double check your spouse’s social security number several times as well. Believe it or not, people often misspell their names on tax forms. The name on forms has to match the name on the individual’s Social Security card. Other characters that are important are the bank account numbers or the taxpayers math is sometimes incorrect. This seems overkill, but these mistakes happen, and never is careful proofreading so important as on your tax form.
Another error that is easy to overlook is selecting the wrong filing status. Filing status is not always clear, so many people select “Head of Household” instead of “Single.” Some taxpayers even make the mistake of selecting more than one status. If you find yourself in tax trouble, turn to help, like this Long Island tax attorney, who can protect you and resolve your issues properly. The IRS also has a tool on their website to help determine what filing status is the correct one.
Even if you follow all the instructions and double check all your work, forms are not complete unless they are dated and signed. Unsigned tax returns are invalid. If you are filing jointly, your spouse also has to sign all form. Lastly, even though everyone knows the filing date is April 15th and the date is circled in red marker on your calendar, missing the deadline is a common mistake. Don’t scramble to get everything in order at the beginning of April to avoid getting hit with late fees.
If you are interested in even more tax-related articles and information from us here at Bit Rebels then we have a lot to choose from.
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