Let’s be honest, none of us enjoy filing our tax returns, it is a form that few of us have time to fill out, requires information that we may not have and all told, it is just a bit of a pain in the butt. Despite this, it is absolutely necessary and a legal requirement that we fill out our tax return and the easier we make it on ourselves the better.
Something that will make this process a little less painful, is ensuring that you get it right first time, if you make a mistake then you will have to go back to the start and go through the struggle again. We were talking to associates from recently, tax return and finance specialists and they were telling us some of the most popular mistakes that people make on tax returns. To ensure that you avoid making the same errors, here are the most popular mistakes that people make on their returns.
Social Security Numbers
This is an incredibly popular error for those running businesses and it is one that is very easily avoidable. The tax authorities can not process a tax return without the correct social security details and it will be important that you not only have the correct social security numbers but also that you correctly input them.
Many of these mistakes are incredibly simple and easily avoidable ad none more so than the correct entry of names. Naturally you are unlikely to get your own name wrong but many business owners put the incorrect names for their staff and on many personal returns, the name of spouses can be spelled wrongly. It may be that you know perfectly the name of whom your are filing the return for but if you are filling the return out by hand, it can be possible to miss out a letter, check, check, check.
If you are filing digitally then you shouldn’t have any problems when it comes to the math side of things but if you are filling a return out by hand and making your own calculations then it will be vital that you check your figures meticulously. The math of a return will be the first thing that the I.R.S. check and if you don’t have your figures right then you can guarantee that your return will be on its way back to you promptly for you to fill out again. Bad math could also result in suspicion from the authorities and it goes without saying that this is something that you will want to avoid.
There is a whole host of very simple and very correctable mistakes which people make on their tax returns which is why you should be checking every detail with a fine tooth-comb. Details such as incorrect names, forms not signed, incorrect bank numbers, incorrect deductions and incorrect electronic PINs. Nobody wants to do a tax return twice so ensure that all of your details are on point.