THE CLASSICS
Bad Math & Poor Table Manners: Errors resulting from incorrect math calculations continually lead the most common list followed closely by the use of an incorrect tax table. Double and triple check all figures and math and also use a highlighter when identifying and selecting the correct tax column for your filing status.
Wrong Number Sam: An incorrect address or juxtaposed social security number can delay the processing of your return, or worse, refunds could be sent to the wrong address. Without the numbers, or with an incorrect one, important tax breaks like, the Child Tax and additional Child Tax credits, educational expenses and other dependent care costs could be disallowed. Use the labels provided or double-check ones you print or e-file.
Use The Dotted Line: The IRS won't process your return if it's missing your John Hancock. This shouldn't be a problem for those filing electronically. Review each page to be sure you have signed and dated all the forms where required.
Pay Your Uncle: If you owe money, your return must include a payment – even if you plan to file for an extension. Include a payment if taxes are due even if it's only a partial payment. Don't forget to include your Social Security number, the tax form number, and tax year on the payment.
NUEVO FAUX PAS
Deposit Debacles:Taxpayers can now have refunds directly deposited into as many as three separate accounts. However, that opens the door to additional opportunities for errors. Wrong account or routing numbers could result in a refund delay or worse. Have the refund deposited into a single account and transfer the funds yourself.
Disregarding Uncle: eFilers receive an acknowledgment that the IRS received the return and it should be kept with your files. If for some reason the return is rejected, the message will provide specifics pertaining to the rejection. Keep an eye out for the acknowledgement (don't forget the spam folder). If the return is rejected, prompt response may leave you with adequate time for correcting and resubmitting before the filing deadline.Missing The Boat: Taxpayers regularly miss claiming all the deductions and credits available to them, whether they itemize or not. In addition to the "regulars," this year includes some new credits. For more info visit irs.gov/faqs
Review the list at the IRS website to ensure none has been overlooked. The most frequently missed include: child and dependent care expenses, student loan expenses, student-loan interest paid by Mom and Dad, reinvested dividends, Hope credit for college juniors and seniors, alimony, refinancing points, energy-saving home improvements and hybrid cars.
