With the New Year comes a new tax season. Make 2016 your year for tax success. Here are 7 common mistakes you can avoid when filing your tax return.
1. Math Mistakes: Year after year, simple arithmetic proves to be the most common mistake. Double check your numbers, and don’t overpay this tax season.
2. Wrong or Missing Social Security Numbers: Each year thousands of tax returns are rejected by the IRS due to missing or wrong Social Security Numbers. Verify all SSN are correct and don’t wait any longer to claim your tax return.
3. Filing Status Errors: Anything from a change in marital status to the addition of a newborn can have a serious impact on your tax filing status. Choose the correct filing status and don’t overpay on your taxes.
4.Dangers with Direct Deposit: When choosing the option to have your tax refund directly deposited into your bank account, double check that your numbers are input correctly. The IRS lacks a procedure to recover lost electronically transferred funds.
5. Errors Claiming Credits or Deductions: Earned Income Tax Credit, Child and Dependent Care Credit, and American Opportunity Credit are three credits and deductions that could save you a large sum of money.
6. Unsigned Form: Don’t forget your John Hancock, or in the case of e-filing, be sure to include your Personal Identification Number. And remember, a joint return requires both spouses’ signatures.
7. Missing the Deadline: Most importantly, DO NOT miss the deadline. Due to Washington D. C. Emancipation Day on the 15th, the 2016 tax return deadline is April 18.