image description

Blog Post

Nine Tax Filing Mistakes

How to Avoid 9 Common Tax Filing Mistakes

If you’ve procrastinated until the last minute on filing your taxes, you’ll likely be hurrying to get through them. The more quickly you move, the more likely you are to make mistakes, so be aware of the nine most common listed below. Avoiding mistakes will ensure that your tax refund isn’t delayed and that you don’t have to do extra work after you file. The keys are to double check all of your work and if you’re not sure of a number or name, compare it to official paperwork before submitting.

Wrong or Missing Social Security Numbers

If you use a tax filing service or tax preparer, they should be able to catch any places that your social security number is missing. However, since your social is unique to you, no one else will know if it’s wrong on your paperwork. The best way to make sure is to compare it to what’s listed on your government-issued social security card.

Wrong Names

It’s hard to believe that people get their own names wrong sometimes, but when you get in a rush, it’s easy to make simple mistakes. Slow down when you fill in your information to avoid these errors. If your name recently changed in a marriage or divorce, make sure the name on your tax return matches the name on your social security card. The IRS compares the two to catch any discrepancies.

Filing Status Errors

If you’ve recently had a major life event like a marriage, divorce, or birth, it’s easy to get confused about how you should file. Do you research about your current status before moving forward with your tax return. If you have any questions that you can’t find answers to, you can always get directly in touch with the IRS to get an answer you know is correct.

Math Mistakes

When you use a tax return software, you can rest easy that it’s pretty unlikely that you’re return will contain any math mistakes. All of the calculations are done automatically by the tax return software, and are thus pretty reliable. However, if you’re filing a paper return, double or triple-check your math to avoid any errors that will drag out the process of receiving your tax refund.

Errors in Credits or Deductions

Errors in credits and deductions are easy to make even if you’re taking your time with your return. If you’ve got special credits or deductions, make sure you do your research into proper qualifications and processes for applying them. If you feel like you’ve made an error, contact the IRS directly as soon as possible to avoid any penalties or fees.

Wrong Bank Account Numbers

Many people opt for the convenience of direct deposit rather than waiting on a tax refund check. Bank account numbers are long, and even the best memories can switch up numbers here and there. Just like with social security numbers, it’s best to compare what’s on your return to your actual bank account number, which can be found on your monthly statements. It’s hard to correct the course of your refund if it gets deposited into someone else’s bank account.

Forgetting to Sign or Date Your Return

This is another one that you might think is obvious, but it’s incredible how many people forget to sign their return before mailing it off. If you have tax return software, it’ll catch any fields you fail to fill in. If you’re filing a paper return, however, this mistake is easier to make. If you’re filing jointly, both spouses must sign and date the return before it will be accepted as valid.

Electronic PIN Errors

Your self-selected electronic Personal Identification Number (PIN) takes the place of your signature when you e-file. It   can be easily forgotten, as you only use it once every year. If you can’t remember your PIN, you can find it on your tax return paperwork from last year. If you forget your PIN and can’t find it on last year’s return, you can still verify your identity by entering your prior-year adjusted gross income, which can be found on line 37 of Form 1040, line 21 on Form 1040-A or line 4 on Form 1040-EZ.   

Missing the Deadline

Missing the tax filing deadline is one of the biggest mistakes you can make when filing. If you know ahead of time that you’ll need longer to complete your taxes, you can apply for a six month extension. It’s highly recommended that you apply for this extension before the regular tax filing deadline, but if it sneaks up on you, you can file for one after the fact. If you owe the IRS money, you must pay it by the regular tax filing deadline, no exceptions.

Taxes can be a daunting prospect, but if you double check your work and use your common sense, you’ll easily be able to file without error. If you’re still waiting on your delayed tax refund or your refund still won’t make ends meet, CreditBox can help. We can get you up to $4,000, fast. Apply online today.



  • Whatsapp Message
You may also like
Smart Shopping: How to Bargain-Shop for Clothes

Smart Shopping: How to Bargain-Shop ...

Clothing is more than just a thing that we wear daily. Clothing is the way we express ourselves and tell the world a little bit about us. For those who love shopping, being on a budget doesn’t have to mean sacrificing your style. Getting creative and bargain-hunting while you shop on a budget means you can have the closet you want without overspending.

Where to watch March Madness in Chicago

March Madness: Where to Watch the T ...

One of the most exciting times of the year for sports fans is March Madness, and for good reason. The top 68 teams in men’s college basketball compete for the coveted NCAA Championship. While some of the best college basketball players display their athleticism in the upcoming tournament, cheer them on from a bar stool at a local watch party! Check out our list of the best places to watch March Madness in Chicago this year.

Dirty Dozen and How to Avoid

Tax Season: What the IRS “Dirty Doz ...

Waiting for a big tax refund is an exciting time. But while you are distracted thinking of how you’re going to spend your extra cash, someone else is thinking of ways to scam you. Every year, the IRS comes out with a list of the worst tax scams called the “Dirty Dozen.” Read our guide below on everything you need to know about them and how to avoid them.