5 Mistakes to Avoid When Filing Your Tax Return

Image of man in front of computer illustrates blog: 5 Mistakes to Avoid When Filing Your Tax Return

With tax season just around the corner, this is the perfect time to review five mistakes you should avoid to make tax filing easier, faster, and more accurate.

1. Basic Information That Is Wrong or Missing

Getting the basics right goes a long way toward filing a precise, error-free tax return. As you prepare your return, triple check to make sure that these fields are included and are accurate:

  • Social Security numbers: Every SSN on your tax return should appear exactly as printed on the Social Security Card.
  • Misspelled names: The same principle applies here—all names must appear as written on the Social Security card of the person.
  • Incorrect filing status: This information indicates whether you were married or single on December 31, 2020, and determines the amount of tax you should pay. To learn more about filing statuses, take a look at this previous post. You can also use the IRS Interactive Assistant to figure out your correct status.
  • Incorrect bank account numbers: Your routing and account numbers should be accurate, so you can get your refund as soon as possible.

2. Math Errors

Let’s admit it: Math is not everyone’s strong suit. That’s why you should pay special attention to the math on your tax return. Using tax software or working with a professional tax preparer greatly reduces this type of mistakes. However, every taxpayer should always double check the math on their return.

3. Mistakes Figuring Credits or Reductions

There have been many changes to tax law due to the COVID-19 pandemic, so the odds or making this type of mistake are higher than usual. With options available that include earned income tax credit, child and dependent tax credit, and recovery rebate credit, it’s advisable to seek assistance from a professional to determine which are the options you qualify for.

4. Unsigned Forms

This is particularly important because an unsigned tax return isn’t valid. There are some exceptions, as in the case of members of the armed forces or taxpayers with a valid power of attorney. But generally speaking, all taxpayers must make sure that their return is signed.

5. Expired ITIN

ITIN stands for Individual Taxpayer Identification Number, and as its name suggests, it helps the IRS keep track of every individual taxpayer. If your ITIN expired, the IRS will treat it as a return filed on time, but it won’t apply any exemptions or credits. Once you renew your ITIN, the agency will process your return normally.

More Tips About Taxes

Interested in learning more about taxes? Then you’ve come to the right place! Here are some previous posts you may find interesting.

Contact the Experts at JT Tax Services

At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on FacebookTwitter, and LinkedIn to schedule a consultation or to learn more about our services.

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