An inaccuracy on your tax return may cause a delay in the processing stage at the IRS, so it is vital for American taxpayers to avoid mistakes on their return. Filing your tax return electronically can avoid some of the common mistakes that accompany a tax return, but there are still several things American taxpayers must consider. Therefore, be sure to read through our overview of common tax return errors below to ensure you file an accurate tax return this year.
Social Security Numbers
A common mistake is a missing or an inaccurate social security number on the tax return. Even though adding your SSN to the tax return is a basic step, it is not unusual to make a mistake when you copy the number from your social security card. Therefore, always double-check any filled in social security numbers before you file your return.
Inaccurate social security numbers are not the only mistake made by American taxpayers, because spelling errors are also common. A misspelled name or address for example could lead to the IRS having problems processing your return. Many American taxpayers also make mistakes when filling in their bank account numbers, so all information that requires a large amount of numbers to be accurately filled in is a reason to double-check that page of your return.
Wrong Filing Status
American taxpayers who use the electronic filing system do not have to worry about this problem, but people filing a paper version must take this common error into consideration. When you fill in your return, make sure you represent yourself right as head of the household, single or whichever other status applies to your situation. If you are unsure, you can also use the interactive tax assistant tool from the IRS for additional help.
Mathematical Errors
Making a mistake while subtracting complex items on your tax returns is not uncommon, so it is essential to double-check the more complicated mathematical calculations on your tax return; this may include the taxable portion of pensions, IRA distribution or your social security benefits. Of course, these problems can be avoided more easily by filing your return electronically.
Missing Signatures
Filing your tax return without a signature automatically makes your tax return invalid, so always make sure you sign your return before sending it back to the IRS. If you are sending a joint tax return, ensure that the return contains your signature as well as the signature of your spouse, otherwise the tax return won’t be valid.
Other Common Mistakes You Should Know!
The mistakes mentioned above are some of the main problems to look out for, but there are more that can cause problems with your tax return. In addition to those already mentioned, you should also consider other common problems such as electronic filing PIN errors, expired ITINs, deduction miscalculations and more.
To make the filing process easier, the IRS heavily recommends using the electronic filing system, which can notify the taxpayer when an error is made. Of course, it also helps to hire the services of someone who has experience with tax returns and can make sure your tax return is filed correctly.