Trying to get your taxes done quickly can create costly mistakes.
Mathematical errors are the number one mistake all taxpayers make. The IRS urges you to check your addition and subtraction calculations. Math errors can reduce your tax refund or cause you to owe more than you thought.
Number two, no social security number or the wrong number. Check the numbers and make sure they are correct for both you and your spouse.
Number three, not signing or dating your return. Forms are not considered valid unless you sign them, so make sure your signature is filed along the appropriate lines.
Number four, missing interest and dividends. The IRS knows the interest you made and the dividends that were paid to you because your social security number is on your bank and investment accounts. You must include this income on your return.
Number five, missing tax credits. Make sure you take advantage of all tax credits available to you, from education costs to child care expenses.
Number six, no proof of purchase. You must have receipts for expenses, donations, sales or anything you claim. If the IRS audits you, you must have receipts as proof or you will be fined.
Number seven most common tax payer mistake, using the wrong form. Make sure you file your return with the correct form. Not everyone can use the 1040EZ.
IRS officials urge you to slow down, get organized and double check your returns before filing to avoid these common mistakes. This year, you can e-file online, by ( clicking here ).
|2005 Tax Guide|