Phoenix Accountant | Tax Mistakes
Nobody is perfect and mistakes inevitably will happen. If you happen to make a mistake on your income tax return, it likely will take the IRS longer to process your return. This could delay your tax refund or lead to a letter from the IRS asking for more information or clarification. The best way to avoid a mistake is to use a CPA and have them electronically file your tax return. Self-prepared, paper filed returns are about 20 times more likely to make a mistake on their income tax return. Here are a few of the most common tax filing errors to avoid.
- Having the wrong or missing Social Security numbers. Be sure to enter all social security numbers exactly as they appear on your social security card.
- Wrong names. Be sure you spell the names on everyone on your tax return exactly as they are on their social security cards.
- Using the wrong filing status. Some taxpayers use the wrong filing status, such as Head of Household instead of Single. Consult a CPA or use the IRS’ interactive tax assistant on irs.gov to help you choose the correct filing status.
- Math mistakes. Double check your math. Be careful when adding or subtracting and be sure to double check your math on every form or worksheet. Tax preparation software will do the math for you.
- Error in figuring credits or deductions. If you are not e-filing or using a tax preparer, be sure to read and follow the instructions carefully.
- Wrong bank account numbers. You should choose to have your refund sent via direct deposit. Be sure to use the correct account and routing numbers on your returns.
- Sign the forms. An unsigned tax return is similar to an unsigned check. It’s not valid until it is signed by both tax preparers.
If you have questions or would like more information, feel free to contact us at Dusseau & Makris, PC, your Phoenix CPA firm.