Tips to Avoid Tax Preparation Mistakes
Before you know it, tax season will arrive, and tax preparation can be very daunting and intimidating. You’ll spend countless hours looking, organizing, and preparing all the files you need to file your taxes properly. Because of the constant stress, you might end up making mistakes. So, here are mistakes and tips to avoid them.
Late Filling or Forgetting to File
If it’s a requirement for you to file an income tax return, do make sure you properly file it on time to avoid any penalties from filing it late. It’s also a great idea to file for an extension if you have some important tax information that is missing, this way, it lets you avoid missing out the date. Even though you’re not required to file one, it’s still a great idea to prepare it because you might be entitled to a government refund through refundable tax credits and other tax benefits.
Putting Incorrect Names and Social Security Number (SSN)
Before you file your tax, review everything first again and again. Review the inputted Social Security Numbers and names, including your spouse and various dependents you claim for the different benefits and credits entitled to you. Make sure that they are exactly the same like on official documents, SSN cards, or ID.
Failing to Use the Filing Status
Make sure that if you’re married, you take advantage of the benefits you gain from it as well. You don’t have a reason to file your taxes separately, so by filing your taxes jointly, you’ll pay less in taxes. If you’re single but have a dependent, filing it as Head of Household instead of Single might be preferable for you, if you properly meet the requirements.
Deposit Account Error
This is important. Always double-check the deposit account number where the IRS can send your tax refund. Because if there’s a mistake, strangers could get your tax refund.
Should you need assistance with your tax preparation, contact Upland Tax at (786) 273-0802. I am based in Pompano Beach, FL and you can definitely trust me for the job.