7 Common Tax Mistakes Made by Those Filing an Unsigned Return
As tax season approaches, it is important to be aware of the common mistakes that taxpayers make when filing their returns. One of the most common mistakes that people make is failing to sign their return. An unsigned return can result in delays in processing and even penalties from the IRS. In this article, we will cover the seven most common tax mistakes that taxpayers make.
1. Failing to sign the return: One of the most basic mistakes that people make is forgetting to sign their tax return. The IRS will not process a return that is missing a signature, so it is crucial to double-check that all required signatures are included before submitting your return.
2. Incorrect personal information: Another common mistake is entering incorrect personal information, such as Social Security numbers or birth dates. This can cause delays in processing and may even lead to errors in calculating tax liabilities.
3. Math errors: Math errors are a common mistake that can cost taxpayers money. Simple addition and subtraction errors can result in incorrect tax calculations, leading to underpayment or overpayment of taxes.
4. Failing to report all income: It is important to report all sources of income on your tax return, including wages, investment income, and income from side jobs. Failing to report all income can lead to penalties and interest on unpaid taxes.
5. Incorrect filing status: Choosing the wrong filing status can have a significant impact on your tax liability. It is important to carefully consider your filing status and choose the one that will result in the lowest tax obligation.
6. Neglecting to claim deductions and credits: Many taxpayers fail to take advantage of available deductions and credits that can lower their tax bill. Common deductions and credits include mortgage interest, student loan interest, and the child tax credit.
7. Filing late: Failing to file your tax return on time can result in penalties and interest on unpaid taxes. It is important to file before the deadline to avoid these additional costs.
In conclusion, it is important to be aware of the common tax mistakes that taxpayers make in order to avoid costly errors. By taking the time to double-check your return for errors and ensuring that all required information is included, you can help ensure a smooth and timely processing of your tax return. If you are unsure about how to correctly file your taxes, consider seeking the help of a professional tax preparer to assist you in avoiding common mistakes.
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