Common Errors on Tax Returns

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We All Make Mistakes-The most common errors on tax returns

If you are doing your own taxes, review this checklist. These are the most common errors on tax returns according to the Internal Revenue Service. They have a list and urge everyone to be like Santa and “Check It Twice.”

  • Social Security Number (SSN)issues: Missing or inaccurate Social Security numbers kick off the list. It’s amazing how folks don’t remember that every SSN on a return must match what’s on the Social Security card. The name on the return should match the name on that taxpayer’s Social Security card.
  • Wrong Married Filing: Taxpayers sometimes choose the wrong filing status, eschewing even the IRS Interactive Tax Assistant to help choose. Taxpayers also often goof on the right standard deduction.
  • Math Errors: Math errors are common, from simple addition and subtraction to complex calculations. Even when calculated correctly, income often winds up on the wrong lines of the form or the tax rate gets plucked from the wrong status column.
  • Bad Credits: The Earned Income Tax Credit or the Child and Dependent Care Credit seem to be real curveballs for taxpayers. The IRS recommends their Interactive Tax Assistant to help determine eligibility. Forms and schedules are often left off, too.
  • Be Direct Not Held to Account: Taxpayers expecting a refund should choose direct deposit, the IRS says — that’s especially good advice considering how many taxpayers mess up their own bank account numbers. Make sure you verify account and routing numbers.
  • Sign On The Dotted Line: An unsigned tax return isn’t valid, but you’d never know it from the number of taxpayers who forget to sign their 1040. E-filing nips this problem in the bud. Not so easy to correct, though, is the frequent mailing of the return to the wrong IRS address.
  • Check Expiration Dates: Many taxpayers file with an expired ITIN. To be honest, these numbers can be confusing: You can file with an expired one, for instance, and the IRS will process that return and consider it filed on time — but not allow exemptions or credits. These taxpayers will receive a notice telling them to renew their number before the IRS will process their return normally.

Anthony J. Madonia & Associates is dedicated to all aspects of taxation and tax preparation. We understand what strategies need to be implemented to avoid unnecessary taxes. With our 365 Taxation Support, TM we are aggressive in our approach and honest in our recording. We serve the best interests of our clients within the framework of compliance and regulations. Our taxation practice area includes tax attorneys and CPAs experienced in all aspects of taxation and tax preparation. Contact us for help with your taxes at (312) 578-9300.