There are only two things in this life that are for certain, death and taxes, and neither are fun. When it comes to death, there isn’t much you can do to make things easier on yourself, when it comes to taxes however, the responsibility is on you to make sure that the process is as quick and pain free as possible. When the time of year arrives that you need to file your tax returns, it is vital that you don’t make any mistakes, a mistake here could cause you any number of problems from a hefty fine to hours of hassle. Here are some of the most popular mistakes that are made that you should be looking to avoid.
Missing or Incorrect Social Security Numbers
Even if you think that you know your SSN by heart, it is vital that you check to see if you are right as it just isn’t worth making such a rookie mistake. If you are typing your tax return then you may very easily slip your finger on to the wrong number so ensure that you review all of your details at the end.
Believe it or not this is a very common mistake that is made, naturally you aren’t going to get your own name wrong (although some do,) but many often misspell the name of their partner or spouse if filing a joint return. Remember that the name should exactly match the name on the social security card as this is what the tax database system uses when processing returns. On again, ensure that you fully review all information on your return before sending it off.
One of the very first items on your tax return that the IRS will check is your math, or more importantly, the accuracy of it. The numbers on the very first 2 pages of your return need to add up or else you will be flagged up as an error and you will have to start the whole process again, something that nobody wants. You need to pay particular attention if you are filing a paper tax return as this is one of the most popular causes of mistakes. Double-check all of your math, ensure that you haven’t missed out any numbers and make sure that it all adds up.
Bank Account Numbers
With a faultless tax return you should see any rebates come into your bank account within the space of just a few weeks, providing that is, that all of your information is correct. Bank routing numbers and bank account numbers need to be entered correctly and once again, even if you think you know them of the top of your head, it is always worth double check from a bank statement. If you place details incorrectly then you are going to find yourself having to have several phone conversations with the IRS whilst you amend the issue and like many problems with the IRS, it can take quite a while to solve. Avoid this simple error by checking all of your information before sending off your return.