Expecting a considerable tax refund from the IRS?
Of course, you’d want it as quickly as possible, right?
What if we told you that you could speed the entire process up?
All you need to do is:
- File your return electronically
- Rather than requesting your refund via paper check, you should go with a direct deposit.
- Lastly, make sure that you aren’t making common tax filing mistakes.
Late Refund! That’s what the common mistakes will ultimately lead to.
And you wouldn’t want that to happen, right?
A lot of errors are encountered regularly by the IRS.
If you are the one behind the errors, then an immediate red flag will be raised. And this ultimately will lead to your refund being delayed by some weeks.
In some cases, it can take up to some months as well.
Sometimes, you’ll also be required to file an amended return.
And that’s the reason we’d advise you to avoid making these common tax filing mistakes altogether.
In this blog post, we’ll take a look at the most common tax filing mistakes that the IRS regularly encounters.
Without wasting any time, let’s just get started right away.
Incorrect Taxpayer Name
In case you’re married and filing separately, you’re the taxpayer.
On the first line of Form 1040, you should put in your own name as well as your social security number.
What about the name of your spouse?
You’ll have to fill in the name of your spouse in the empty space at the far right of the filing status checkboxes.
You need to insert your Spouse’s SSN number as well, where it’s mentioned.
Wrong Social Security Numbers
Social Security Numbers!
Make sure that you fill them in correctly.
This is the most common type of mistake that the IRS encounters on a regular basis. Plus, it’s the easiest one that you can avoid. All you need to do is to pay a little attention.
You should make sure that the SSN numbers of yourself, your children, your spouse as well as other dependents, are totally correct.
How can you ensure that your Social Security Number is correct?
Well, you can quickly look for the SSN in your Social Security Card itself.
All you need to do is to write precisely the same as it appears in the Social Security Card.
And this one is the only step that the online tax preparation software won’t be able to point out.
Why?
That’s because these softwares don’t have access to the Social Security Administration database.
And if the SSN that you fill in is incorrect, then your electronically filed return will automatically be rejected.
Well, if you are filing the return on paper, there are always chances that you don’t fill in the numbers legibly.
And that’s the reason we usually advise people to pay attention while they are filling the SSN number on paper.
Make sure that the SSN numbers are clearly visible and easy to understand.
Multiple Filing Statuses
And this is the kind of mistake that’s really common on the paper returns.
Why can this mistake only be made in paper returns?
That’s because you won’t be able to choose more than one status in an online tax preparation software. That’s one of the perks of electronically filing your tax return.
While you are filing your tax return on paper, you need to make sure that you check off the right filing status.
Make sure that you check only one.
Incorrect Names
Your Name!
Your Spouse’s Name!
Your Child’s Name!
Name Of Your Dependents!
Make sure that you fill all of them correctly. They need to match exactly as they are written on the Social Security Cards.
What if you got married? What if you recently had a divorce? Read more about how getting married affects your taxes HERE.
There may even be chances that you changed your name legally.
And in any of the above cases, if you haven’t officially changed your name with the SSA, you should file the return with the name that’s printed on your Social Security Card.
And if you don’t, the return will simply be rejected.
Mathematical Errors
If you don’t use any tax software in order to file your return, there are high chances of math errors.
If you are currently preparing your return by yourself, our advice to you would be to double-check whether you are now using the IRS tax table’s most updated version.
And in case of math, do the checking once more. And then again!
No Mathematical Errors!
That’s another of the perks of the tax preparation software.
All you need to do is to fill in the numbers as you see them on 1099s, W-2s as well as other different tax forms.
Addition! Subtraction! All of these calculations can be left in the safe hands of the tax preparation software.
Don’t Ever Fail To Sign Your Return
Don’t ever fail to sign your tax return.
If you fail to make this one single mistake, your tax return will be held up for weeks. This is the one of the most common reason tax returns take longer than they should, and its such a simple thing to remember!
Plus, you’ll even be asked to pay the penalty for the late filing.
You’ll be sent back the return by the IRS.
Well, there’s just one way of avoiding this mistake.
All you need to do is to file your return electronically. If you sign your return electronically, your signature will be put in digitally before they are being sent to the Internal Revenue Service.
Earned Income Tax Eligibility Credit! Not Claiming It!
Eligibility for the EITC depends on:
- Filing Status
- Income
- Number Of Dependents
The income limits are directly linked to inflation.
And that’s the reason they change each year.
If your age is less than 25 years or more than 65, then you certainly aren’t eligible for Earned Income Tax Eligibility Credit.
However, there’s just one exception to it.
And a “Qualifying Child” is the name of this exception.
Wrong Account Or Bank Routing Number
Remember when we talked about getting your refund faster if you opt for a direct deposit?
Well, there’s just one common mistake that people make in this case.
They fill in the bank account or routing number wrong.
And that’s the reason you’ll find your refund to be delayed.
Always Claim Age-Specific Deductions
Is your age above 65?
OR
Are you blind?
In such cases, you should always take advantage of additional standard deductions for the taxpayers.
You can take a look at Form 1040’s page 35 instructions in order to have a better understanding of how many deductions you exactly qualify for.
Identity Protection Pin!
Do you know the main reason why IRS issues Identity Protection Pin to some of the taxpayers out there?
That’s because they want to prevent any misuse of the SSN on the fraudulent tax returns.
There are some cases when you are granted an Identity Protection Pin. Let’s take a look at them:
- You received an IRS letter that invites you to opt in to get an IP Pin
- You received CP01A notice from the IRS itself, which consisted of your IRA Pin.
What if you already have your IP Pin in your hands?
Well, then! You should put in the Form 1040’s front page itself where you sign.
What if you already have an IP Pin and don’t mention it in your form?
In such a case, your electronically filed tax return will simply be rejected.
You’ll be required to file your tax return on the paper.
And that’s the reason it will take a long time to get your refund.
Conclusion
And these are the favors you can do to yourself as well as the IRS.
All you need to do is to avoid these common tax filing mistakes.
Kindly check for errors before you file your return.
You can easily avoid most of the mistakes that we mentioned in the above sections.
And a tax preparation software will help you a lot in preventing such kinds of common mistakes.
However, the one thing that you need to keep in mind that the common inputting errors aren’t the responsibility of the tax preparation software.
And that’s the reason we advise you to double-check your returns.
Once you are entirely sure that there are no mistakes of such kind, you can submit the return and expect to get your refund very soon.
More questions, contact Tampa Bay Taxes HERE Want us to take the hassle out of filing your taxes or just need some information? Give the experts at Tampa Bay Taxes a call at 813-515-0323 or come by the office at 1432 E Fletcher Ave. Tampa, FL 33612. Estimates and questions are always FREE. Call us today!