Top 10 Tax filling Mistakes - Part 1

9:13 AM Posted by Jason

Top 10 Tax filling MistakesIf you miss the federal income tax return, then you can have to pay hefty fine so always check for the common tax filing mistakes before submitting the return.

Wrong status filing:
While filing the tax return you have to specify your filing status like single or married filing separately or filing jointly. If you are married then you and your spouse has to agree on the point that whether you are going to file tax separately or jointly. You two can’t fill different status option as this can lead to more problem. Wrong status can result in denial of tax credit claims like dependent care credit etc.

Faulty Address:
While submitting the paper return always peel off the label on the tax form and make corrections in the label. If you don’t have the label, then print your name and address and file it with the return.

Missing Social Security Number:
While filing income tax return, your social security number is very much important. It helps you to get the deductions and your claimed credits. If you have entered wrong SSN then your claim can be rejected or delayed for the correction procedure.

Unsigned return:
Many people forget to fill up most easy job of return filing. They forget to sign the form. This last step is crucial and this can result in denial of the return or you can also have to pay the penalty for the delay. The person’s filing jointly should also remember to have the spouse’s signature on the return.

Errors in calculation:
While calculating the return always be careful and use calculators to avoid any mistake. The Internal Revenue Services can catch the mistake and make the changes. But there is no surety of it so any mistake in calculation can lead you to over pay. So always be careful during the calculation and make sure you have deducted and added all the items properly.

These are 5 mistakes that people do often while filing the return. Checkout the next post for the rest of the mistakes.