There’s only two weeks left to file your taxes. For the taxpayers that haven’t filed, don’t procrastinate any longer. IRS statistics show that the longer you wait to file, the more mistakes you make on your return. Here’s a few common mistakes to keep an eye out for.
- Incorrect taxpayer information - Sometimes, tax payers enter the wrong social security number, address, and/or birthdate. Some even mistype their names or forget any of the above information. These errors can stop the entire process.
- Math errors – Using eSmart Tax for online tax preparation tends to significantly reduce these errors, but you still have to ensure that you enter data correctly. Entering $12,354 when you meant to enter $12,345 can make a difference.
- Filing under the wrong marital status - Choosing your status impacts the standard deductions you'll receive. Check only one status. If you're married, for instance, make sure to choose between filing separately and filing jointly. For many people, their status changes during the year. If you get married or divorced over the course of the year, make sure to reference your status as of Dec. 31 of that year.
- Forgetting to sign or electronic signing errors – Your return can’t be processed if it isn’t signed. If filing on paper, be sure to sign your return. If using eSmart Tax or another tax preparation software, make sure you enter the correct AGI and Pin or EFP combination. For more on signing, visit the eSmart Tax Electronic Signature FAQ page.
- Hiding income – Sometimes this happens when an employer sends your W-2 later than expected. Make sure you report all income from your job, your investments, and any other source that will be reporting to the IRS.