10 Common Tax Filing Mistakes To Avoid in Houston, Texas
Filing your taxes can be complicated and sometimes even stressful. Small mistakes can make the difference between you getting a refund or you owing the IRS money. And, even if these small slips do not cost you money, they can often delay the time it takes for your refund to be deposited into your account. We have compiled some very common tax filing mistakes in the Houston, TX area that are easy to avoid and can make a BIG difference for you.
1. Basic math mistakes – often regarded as the most common tax filing mistake, a small calculation error can cause you to mistakenly pay the IRS too much or reduce your refund. Using tax software can help make sure that your calculations are accurate – and do much of the calculating for you.
2. Stay current – make sure that you have reviewed any changes to tax law (i.e. roth conversation taxes, home buyer tax credit). These can be complicated and require you to follow steps through multiple years of your returns.
3. Enter correct information – the online tax software will help you with your calculations, but it cannot ensure that your original information (W-2s, 1099s) matches your entries. Double check that all of your entries are correct!
4. Be sure that your direct deposit information is correct – this is a big reason for delays in getting your refund… especially if you are trying to split the refund into multiple accounts. Check the accuracy of the account numbers for your refund.
5. Make sure that you include ALL income, interest and investment income. Do not make the mistake of thinking that the IRS will not notice that you have left something out. They receive this information directly and will be in touch if there are discrepancies.
6. Choose the correct filing status – this can change from year to year, so revisit it and be sure that it is accurate.
7. Social Security Number mistakes – double check your social security number and if you are claiming a child tax credit, the numbers must match the records of the Social Security Administration.
8. Charitable Donations – make sure that you follow IRS rules for claiming donations of clothing and household items. Also, make sure that you are giving to an organization that is tax-exempt.
9. Sign and Date your return – the IRS will not accept your return without that – and this is required for returns e-filed as well.
10. File on time! Do not miss the April 15th deadline without requesting an extension. You do not want to call attention to yourself and simply not filing is always a BIG problem.
Success Tax Relief is also available to help if your taxes are complicated or if you are trying to resolve issues with the IRS. We have helped thousands in the Houston area and around the country solve tax problems – very often in a way that benefits the taxpayer. Call 877-825-1179today for a free consultation!