Common Tax Filing Mistakes and How to Avoid Them | Layton & Stacey Smith
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Common Tax Filing Mistakes and How to Avoid Them | Layton & Stacey Smith
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One simple mistake on your tax return can make you lose money or pay more than you have to. That little error can also make you want to rip out every single last strand of hair.
To avoid the headaches this tax season, listen to this episode. We share the most common tax filing mistakes and how to avoid them.
Also, don’t forget to grab your favorite cigar and drink!
Common Filing Errors
Within the episode we shared ten of the most common tax filing mistakes. Here’s five of them below.
Incorrect Personal Information: Some of the errors related to personal details include names, Social Security numbers, and addresses. We share an example involving a client with a hyphenated last name that caused confusion during their filing. Income Reporting: Not reporting all income and necessary documents (W-2s, 1099s) can lead to IRS inquiries and penalties. Deductions and Credits: Make sure you double check your deductions and credits, especially for education and child-related expenses. Incorrectly Business Listing: Such mistakes can lead to misinformation and delays because the IRS processes returns based on the EIN and classification. Math Errors: When doing your taxes manually, it’s a possibility that you’ll leave out an extra form. This could cause miscalculations in your tax return.Importance of Tax Filing Accuracy
We stress the importance of submitting accurate tax returns to avoid IRS inquiries and potential penalties. The repercussions of neglecting to sign a bid to return, especially for mailed returns that take around six weeks to three and a half months for processing.Keeping Copies of Tax Returns
These documents are vital for referencing previous years' items and making future financial decisions, such as purchasing property or refinancing. We recommend storing copies for at least seven years.“If you are a person that normally receives a refund by paper and you decide you want to get a check in the mail, you better have your address correct.” - Stacey Hoffman Smith
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