As we approach the last few days of tax season things are sure to get hectic. No one is perfect (except for Jesus of course) and mistakes happen. The IRS realizes that during the midnight hours people will rush to submit their tax returns and consequently may make an error. I know from experience that nothing good happens during the midnight hour (at least nothing you would want to share with your parents). As a result of an influx of incorrect tax returns the IRS published a report highlighting the common mistakes made by tax payers. To avoid disappointments, delays, auditing, and errors I will gladly share this list with you.
1. Wrong names. Basically, don’t enter your name the way you spell it. You’re not Plies but Algernod Lanier Washington or Drake but Aubrey Drake Graham. Point is enter your name as it appears on your Social Security Card. Your refund maybe accepted with incorrect name but it will be delayed.
2. Wrong or missing Social Security numbers. Be sure you enter all SSNs on your tax return exactly as they are on the Social Security cards. If you don’t have a social security number….. well that’s a whole different conversation.
3. Filing status errors. Some people use the wrong filing status, such as Head of Household instead of Single. Silly rabbit, tricks are for kids. The IRS will catch you. If your goal is to increase your refund, there are other without using head of household. By using this information and not have the support necessary it will GREATLY impact your refund.
4. Math mistakes. Double-check your math. For example, be careful when you add or subtract or figure items on a form or worksheet. Don’t use tax preparers who cannot calculate simple math.
5. Errors in figuring credits or deductions. Not all credits apply to you. It doesn’t make sense to apply for a 65 year old blind credit when your only 23 and healthy. Don’t jinx yourself.
6. Wrong bank account numbers. Double check, double check, then double check again. IF the bank account you select does not have your name on the account, the bank will reject your refund and the IRS will mail you a paper check. It will take up to 6 weeks to get the check..
7. Electronic filing PIN errors. If the IRS sent you a letter indicating you should get a ID Protection Pin and you did not, your refund will be accepted but delayed to the max!!! Also if you are filing your return using a tax software you may need to go to the IRS website to get your last year pin.
