5 Common Taxpayer Mistakes

5 Common Taxpayer MistakesDid you know filing taxes electronically increased by 11.8% in 2015 compared to the 5% increase in self-prepared taxes for 2015? Using the web to file taxes is only one of the ways the IRS gives for fixing these 5 common taxpayer mistakes.

  1. Simple Math.

            As mentioned, submitting your taxes electronically is the easiest solution for this mistake. This is because the software does the math calculations for you and identifies any information that is missed or other common errors.

  1. Double-Check Basic Info.

            This “basic info.” includes things like sending your self-prepared taxes to the right address. This could also include things like making sure you used the right name (in cases of marriages or divorces) and you used the right social security number. Also, if you are using a direct deposit for your refund, it’s crucial to make sure your routing and account numbers are correct as well.

  1. Secure Correct Forms.

            The W-2 form is one of the most common forms that needs to be attached for those paper filers. However, there are other forms that might need to be considered like Form 9465 that’s used for a payment agreement from the IRS. The IRS states to make sure these and other forms are attached based on the number in the upper right-hand corner, also known as the sequence number.

  1. Tax Tables

If you are a “paper filer” or not using the web as mentioned previously, make sure that all of your figures are placed in the correct tables. Also while you are double-checking your tables, review all of your math as well. As mentioned previously, filing electronically helps solve this problem, but it never hurts to double-check it even then.

  1. Keep Copies.

            Finally, once the paperwork is completed, either electronically or by paper filing, it’s important to keep copies of everything. It’s better to be safe than sorry!

Between this blog and the previous one about overlooked tax tips for the home, you should be as ready as ever to file your taxes. It’s a good thing too because time is running out!

Happy Filing!

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Until Next Time,

Jim

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