How To Fix A W-2 That Has Already Been Filed Avoiding Tax Return Mistakes That Could Cost You

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Avoiding Tax Return Mistakes That Could Cost You

Did you know that the average person spends approximately 12 hours preparing their tax return? Have you started gathering all your information to prepare your 2018 tax return? Remember, if you spend all this time preparing for your return, the last thing you want to do is make a mistake because you’re in a hurry. Mistakes, no matter how simple, can delay refunds. Below are some common tax filing mistakes and what you can do to avoid them.

Get organized: If you haven’t gotten your tax information together yet, you better start now. Missing information can have the potential to cost you unnecessary funds.

Incorrect Social Security Number or ID: The SS# must match what’s on your Social Security card because the IRS compares all returns to the Social Security Administration’s database. It’s also easy to focus on the numbers you forgot to sign your return or even enter other necessary information. Even the wrong name can be a problem. These problems often happen after a marriage or divorce, especially if you didn’t inform Social Security.

Filing Status Errors: There are five filing status options (single, married, filing jointly, married, filing separately, head of household, and qualifying widow with no dependents) that are used to determine your filing requirements (standard Deductibility, Eligibility for Credits, Deductions and Your Correct Tax Choosing the best filing status for you is one of the first steps in filing your return.

Math Errors and Miscalculations: With all those numbers you can enter on your tax forms, it’s easy to make simple math mistakes. If the IRS finds these errors, it can recalculate them for you, but not in your favor. So it would be to your advantage to check your math before submitting your forms. In addition to possible math errors, there may be miscalculations related to taxable income, withholdings, estimated tax payments, and more. tax credits.

Incorrect direct deposit bank account numbers: It’s important to double-check your bank number and account number to ensure you receive your refund on time. It’s just as important to pay your taxes on time to avoid possible penalties and interest.

Underreported income: Don’t forget to add income from something other than your place of work. This includes interest income, dividends from savings, rental income or funds from a second job. Make sure you total all your income statements (W-2s, 1099s, K-1s, and 1098s). Remember that the IRS also receives copies of all of these forms.

Filing late or not at all: Many of us can get overwhelmed by the details and delay filing our returns on time or not at all. Sooner or later, the IRS will discover your lateness and you will receive a bill for interest and penalties for not complying. If you can’t meet the April 15 deadline, you can request a six-month extension and avoid these penalties if you pay taxes due by the filing deadline.

Start saving: Whether you owe the IRS or are expecting a refund, it’s always a good idea to save. Sometimes refunds are delayed, so you can’t delay your bills waiting for your refund. Make sure you set aside some of your income now to be ready to pay any unexpected payments.

Use your returns wisely: If you expect returns this year, make sure you use them wisely. Before you spend it, make sure you’ve prioritized your financial needs and target your recovery towards them.

My advice to you: Make sure you prepare your tax return when you have fewer deviations. If you get interrupted or have an annoying distraction, stop what you’re doing and finish your return later. A little extra time spent on your tax return will go a long way toward submitting an accurate return. By following these simple tips, you can protect yourself from receiving a letter from Uncle Sam notifying you that you owe extra money.

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