With tax season right around the corner, you may be starting to gather important documents and other information that you need. Before filing, however, take a quick look at this list and make sure you’re not making some of the most common tax filing mistakes:
It’s okay, it happens to the best of us. If you aren’t using tax software, it’s important to triple check your math before officially filing. You don’t want to pay more than you owe and you certainly don’t want to fall short and face additional penalties down the road.
There may be deductions for which you qualify that you may not be aware of. If you have questions about any of these deductions, consider speaking to a tax professional. Also, check that you are selecting the right filing status. Marking the wrong one could affect what deductions for which you are eligible.
Make sure all of the personal information you include is accurate. This includes names, social security numbers, bank routing numbers, etc. Names must match what is printed on the social security cards of each individual. Ensure that all of your banking information is correct so that someone else doesn’t end up with your refund. If your refund is sent to the wrong account, there’s a very small chance you will be able to get it back.
Without a signature, a tax return is not valid. If you are filing a joint return with your spouse, both of you must sign the document. If you file online, you will sign the document electronically.
This is, quite possibly, the biggest mistake you could make in regards to your taxes. On the positive side, you could be missing out money that belongs to you. On the negative side, you could be facing potential penalties and fees.