Remember that you must file your taxes no later than 18 April 2022. Just make sure you don’t make any mistakes when filling out the forms due to rushing or inattentiveness, as this could cause you not to ask for credit money you deserve or make a mistake and delay the whole process and your refund.
That is why, below, we share with you 5 of the most common mistakes.
1–Wrong Social Security Number
Giving wrong Social Security numbers is one of the biggest mistakes taxpayers make, according to the IRS.
You must make sure to enter all these numbers correctly, because if you are going to claim dependents, you must give the correct numbers for all of them.
For Therefore, be sure to double check all numbers before submitting your return.
2–Write wrong your name
If you type too fast or press the wrong key, you could make a mistake with your own name when putting it in the form. If this happens, you will have to start all over again. And it is that such a simple error can lead to your returns being rejected and refunds delayed.
3–Mathematical errors
Even if you use a computer to prepare and file your taxes and it does all the calculations for you you, the machine cannot know if the numbers you have entered are correct.
Therefore, it is best to make sure that the numbers on your return are correct. If you fill out a paper form and use a calculator, do the math twice to make sure everything is correct.
4–Don’t ask for major credits or deductions
It is not enough to fill out the form correctly tax filing. If you want to maximize your refund, you should also take advantage of all the tax credits and deductions available to you.
There are many credits and deductions that have the potential to reduce your tax liability by thousands of dollars.
Your tax software or the person you’ve hired to do your filing should help make sure you don’t miss out on anything you’re entitled to, but you should learn the names of some of the more important credits and deductions to be able to follow up on them.
5–Not declaring all your income
You can also make the mistake of thinking that you do not need to declare all your income. However, you are supposed to claim all the money you earned for the year, including any side jobs you did, winnings you had from gambling, and almost any money you earned in any other way.
Misleading the IRS by not providing this complete information may seem like a misdemeanor, but if you are audited and such omissions are discovered, you could face serious consequences.
You may also be interested in:
– IRS puts at your disposal the tool ‘Where’s my refund?’ to check the status of your tax return
– IRS recommends paying taxes before April 18 to avoid penalties and interest
– Best age to start collecting Social Security payments