7 Innocent Mistakes That Create IRS Problems
The majority of taxpayers have every intention of completing their tax returns correctly, accurately and on time. Many mistakes that are found on annual tax returns are common and innocent mistakes are not always caught prior to submission. While these mistakes are rarely made on purpose, they can still get the attention of the IRS and may raise questions that you will need to answer. So, rather than risking an inquiry or an audit, review your next return for these common mistakes before filing!
1. Social Security Numbers: Make sure that all of the social security numbers (and names) on your return match the corresponding Social Security cards. Identity theft is at an all time high and the IRS is trying to catch those posing as others. So, make this easy on the IRS and double check your social security numbers before you file.
2. Arithmetic Errors: If you are still doing your tax return by hand, math mistakes are a huge source of errors each year. Double-check your addition and subtraction on your worksheets before you file.
3. Keying errors: Another common mistake is transposing numbers when copying them from an income form (such as your W-2 or 1099) into tax preparation software or onto your paper return. The IRS is particularly sensitive to discrepancies with regard to your income, so double check these numbers so that it does not look like you are not reporting some of that annual income.
4. Forgotten signatures: Whether filing electronically or by mail, you (and your spouse if you are filing jointly) are required to sign and date your return. If the IRS receives a return without your signature, there will be a delay in processing, which means that you do not receive your refund in a timely fashion.
5. Bank Account Errors: Another vulnerable area on your return is recording where to route your refund. Most experts agree that having your refund directly deposited into your bank account is the safest and most efficient method of payment, but you should check and double check that the bank account information that you enter is correct.
6. Incorrect Filing Status: You might also be surprised to learn how many people include an incorrect filing status on their return. One common error is that a person who should file as ‘single’, files as ‘head of household’. Again, while this may not trigger an audit, it can delay the processing of your return.
7. Use correct forms: It seems pretty obvious but make sure that you are filing your return on the correct set of forms.
Success Tax Relief Can Provide a Careful Review of Your Return
Many people decide that the risk for errors on their return is too high. Success Tax Relief can provide a thorough review of your tax return and scan for all potential errors. We can make sure that the return you submit to the IRS is correct so that you minimize your risk for any audit or delays. Give our experienced team a call at 1-877-825-1179 to schedule a risk-free consultation.