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Tax-Time Errors Filers Should Avoid… Free Extension Filing Until 4/18

tom-olsonIssue 14.11

Use caution against these nine common errors to avoid delayed refunds or IRS processing.

1. Incorrect-Missing SSA Numbers. When entering SSNs for anyone listed on your tax return, be sure to enter them exactly as they appear on the Social Security cards.

2. Incorrect-Misspelling dependent’s last name. When entering a dependent’s last name on your tax return, ensure they are entered exactly as they appear on their Social Security card.

3. Filing status Errors. Make sure you choose the correct filing status for your situation. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er) With Dependent Child.

4. Math Errors. When preparing paper returns, review all math for accuracy. Better yet, file electronically.

5. Computation Errors. Take your time. Many taxpayers make mistakes when figuring their taxable income, withholding and estimated tax payments, Earned Income Tax Credit, Standard Deduction for age 65 or over or blind, the taxable amount of Social Security benefits, and the Child and Dependent Care Credit.

6. Incorrect Bank Account Numbers for Direct Deposit. If you are due a refund and requested direct deposit review the routing and account numbers for your financial institution.

7. Forgetting to Sign-Date the Return. An unsigned tax return is like an unsigned check, it is invalid. All taxpayers must sign the return.

8. Incorrect Adjusted-Gross-Income information. Taxpayers filing electronically must sign the return electronically using a PIN. To verify their identity, taxpayers are prompted to enter their AGI from their 2009 federal income tax return or their prior year PIN if they used one to file electronically last year.

9. Claiming the Making Work Pay Tax Credit. Taxpayers who file Form 1040 or 1040A will use Schedule M to figure the Making Work Pay Tax Credit. Taxpayers who file Form 1040-EZ should use the worksheet for Line 8 on the back of the 1040-EZ to figure their Making Work Pay Credit. This helps taxpayers determine whether they have already received the full credit in their paycheck or are due more money as a result of the credit.

It’s Time to call THE TAX GUYS 435-705-5101 to get your return filed timely and don’t forget our Free Extension Filing Until 4/18.

 

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