5 Frequent Errors To Avoid While Filing Your Tax Return

This may be a small error but it can leave you owing a large amount of money. The IRS will charge you based on the amounts that you write on your tax return. If you make the mistake of claiming too much income or too little in deductions, you could find yourself having to pay more in taxes than you would otherwise have to. You can avoid making mathematical mistakes by double checking all of your numbers with a calculator or using tax preparation software.

4. Spelling mistakes or using different names

Now you will think why spelling are so important in filing tax return? But the IRS is all not all about numbers, but words too, specifically names are important. When the names of a taxpayer, his or her spouse or their children don't match the tax identification number that the Social Security Administration has on record that difference will cause the IRS to kick out or slow down processing of the tax return.

It is seen that many women change their surnames when they marry. If you didn't alert the Social Security Administration of your name change soon after your wedding, do so now so that your new name won't cause a problem when you file your first joint tax return.

5. Forgetting to Sign and Date Your Return

It is better if you don't spend hours filling out your tax return and making sure that every number is correct only to forget to sign your name and date the return. This is one of the most common mistakes that people do. If you forget to sign and date your return, the IRS will not accept it and will list your account as having not filed.

In this case, your return will be considered late, which will leave you liable for penalties and interest. If you want to skip the nuisance of signing, you can file your return using E-file. E-filing allows you to submit an electronic signature, freeing you of the burden of signing and mailing your return.

Also Read:
No Definite Plans For Merger Of PSU Banks: Banking Secy
Sensex Falls Most In Over 3 Weeks, Down 414 Points On Global Sell-Off