Tax Season Primer: Four Common Tax Mistakes to Avoid
Common Tax Mistakes
Now that the Christmas holiday is behind us, we’re getting ready to face another season of sorts altogether: tax season. Yes, in a few weeks we’ll begin sorting through our paperwork for the year, hoping that we can take home a sizeable return to help us into a new purchase (or who knows, a new Volkswagen). However, what common tax mistakes do we make that prevent us from getting the return we deserve? Here are four of the most regular errors for you to avoid, with a little help from your friends at Speedcraft VW!
While most of us are pretty adept at jotting down–or, more likely, typing–our own information, if we’re doing the taxes for family members or claiming dependents, then the addition of social security numbers, dates of birth, and the like can make typos much more common. Be sure to double check your values to make certain that they’re correct.
Math MistakesIt’s almost tax time; are you ready?
This is an area where we can avoid mistakes simply by leaning on today’s technology. According to IRS figures, we are twenty times more likely to make a math mistake if we use a paper and pen rather than e-filing or using tax-prep software. So, once again, go over all of your materials in advance to ensure that everything is correct. You’d hate to have the forms sent back to you and delay your return, right?
Incorrect Filing Status or Selecting the Wrong Deductions
Some of the wording on tax forms can be a little troublesome, which leads many filers to select the wrong filing status when they file. Additionally, some might assume that they are eligible for a deduction, or neglect to choose an exemption that they actually are qualified for. However, the most common problem in this regard usually comes after a divorce, when parents of minor children don’t know who is eligible to claim the kids as dependents. In this case, it’s probably best to consult a tax professional for clarification.
Forgetting to Sign the Paperwork
This is more common than you might have initially thought. Just as we sometimes forget to endorse a check, we’ll sometimes complete all the paperwork and then forget the simplest and most important step, rendering the entire enterprise invalid. So be certain to sign at the end and, if you are filing jointly with a spouse, to get both necessary signatures.
We trust that these tips will help to avoid mistakes, and to get your full return on time! And, in time for the tax season, we’ll be having lease and financing specials at Speedcraft VW as well! Stay tuned!