Steer Clear Of These Common Tax Return Errors
As the extended May 17th tax return filing deadline grows ever closer, taxpayers should keep an eye out for certain errors when filing, which, if left unaddressed can affect processing and delay refunds. Although we’ve included a few of the most common errors made by taxpayers when submitting their taxes, they are by no means the only ones, so if you are starting the process of filing your taxes or have already done so and received notice of an error, you should consider reaching out to an experienced Florida tax preparation lawyer for help.
Misspelled Names and Incorrect Social Security Numbers
One of the easiest mistakes that a taxpayer can make when filing a tax return is to misspell a name, whether it belongs to the filer, a spouse, or a dependent. Social Security numbers (SSNs) must also be printed exactly as they are on SSN cards for filers, spouses, and dependents. Those who do not have, or aren’t eligible for, a SSN should instead list their Individual Tax Identification Number (ITIN). Although a relatively simple error, these kinds of mistakes can set the processing of a tax refund back by weeks or even months, making it especially important for taxpayers to avoid this by double and triple checking their returns.
Forgetting to Report All Taxable Income
Another common error made by taxpayers who file taxes on their own is failing to report all of their taxable income. To avoid this, taxpayers should be sure to have all income-related documentation on hand before completing and filing their return. Typical documentation that taxpayers need during the filing process include W-2, 1099-MISC, and 1099-NEC forms. Besides delaying a tax refund, failing to include all of one’s taxable income can actually lead to the accrual of interest and penalties.
Failing to Include the Correct Routing and Account Numbers
Many taxpayers choose to use direct deposit as the fastest and most reliable way of depositing a federal refund into one or more bank accounts. Listing the incorrect routing or account numbers can, however, cause unexpected delays and could even lead to the deposit of a refund into the wrong account. To avoid this, taxpayers should carefully review their account and routing numbers before submitting their returns.
Forgetting to Sign and Date the Return
Tax season can be stressful, so it is understandable that some taxpayers would make simple errors that could delay the processing of their taxes, such as forgetting to sign or date their tax returns. This is an especially common mistake for those who file joint returns, as both spouses are required to sign and date the return.
Failing to Request an Extension
Taxpayers who are unable to meet the May 17th filing deadline aren’t out of luck, but have the option of requesting an automatic filing extension. If requested, this deadline will be extended to October 15th and help taxpayers avoid late filing penalties. It’s important to note, however, that this kind of extension won’t apply to tax payments, which are still due in May.
Help with Tax Return Preparation
To avoid making errors on your own tax return, please call 386-490-9949 and set up a one-on-one meeting with dedicated tax return preparation lawyer Ronald Cutler, P.A. today.
Resource:
irs.gov/newsroom/steer-clear-of-typical-tax-return-errors-may-17-deadline-nears
