Tax filing is stressful enough without the worry of making a mistake. Mistakes happen, though, so it’s a good idea to go the extra mile to double check your work and avoid some of the most common errors . In this week’s blog, we will review some of the top mistakes people make when filing their taxes. One easy way to avoid those common errors is to visit QualiTax! Our highly trained tax advisors are here to help with all your tax needs. Whether it’s tax planning or filing your taxes on time, QualiTax has got you covered! Interested in more information? Check out our website or give us a call to schedule a consultation.
Errors in calculation are common when filing your taxes. You’re dealing with a lot of numbers and it’s easy to mistype a number in the calculator or misplace a decimal. Always double check your math to make sure you’re getting the correct amount . It may be a tedious task, but in the end, it could save you money.
You may be thinking to yourself, “Who would misspell their own name?” but you would be surprised. People who go by nicknames or their middle names get used to spelling it a certain way on a regular basis, but it’s important that your name is spelled exactly the way it appears on your social security card when filing your taxes.
Wrong or Missing Social Security Numbers
As mentioned above, when doing your tax filing, you are dealing with a lot of numbers. It’s easy to mistype, jumble or even skip a place for your social security number (SSN). Be sure to check to make sure you’re not forgetting any boxes and that your SSN appears exactly the same as it does on your social security card.
Wrong Filing Status
There are six different statuses you can file your taxes under.
- Single Individual
- Married person filing jointly
- Married person filing separately
- Head of household
- Qualifying widow(er) with dependent children
If you file under the wrong status, it could confuse the system and affect the cost of your tax bill. An example of this would be filing under head of household instead of single individual. Need help determining the right filing status for you? QualiTax has qualified tax consultants to help you with all your tax needs. We have a variety of tax services from tax planning, to tax resolution. Customize our services to fit your individual or small business needs. Contact us today!
If you forget to sign or date a form, that form will be invalid. Think of it like signing a check. If you forget to sign a check, you can’t cash it. The same goes for your taxes.
Just like all the other numbers you’re dealing with, you need to make sure your account and routing information for your bank is correct. In order for the IRS to directly deposit your refund, your banking information needs to be correct when you file your taxes.
Choosing to procrastinate is not a good idea when it comes to tax filing. If you wait until the last minute, you may find that it takes longer than expected, adding stress to your life and ultimately causing your taxes to be late. Late taxes are subject to interest payments which will cost you more in both time and money. QualiTax has over 37 years of experience. Our qualified Annapolis CPAs have experience in a variety of tax services and small business accounting. For more information on the services we offer or to schedule a consultation, contact us at QualiTax today!