As tax time approaches, you should be preparing to file your paperwork—and you should double check to make sure everything is filed correctly when the time comes. Our team at TaxCom, LLC has extensive experience in helping people file their taxes, and we have helped people correct a wide variety of mistakes with this process as well.
In this article, we will go over three of the most common mistakes people make when it comes to tax filing and what you can do to avoid making the same blunders yourself.
- Incorrect Information- Back when we used paper tax forms that had to be filled out by hand, the most common tax filing mistakes were simple transcription errors—that is, copying down information incorrectly, such as misspelling a name or getting two numbers in a sequence mixed up. While digital tax filing has done a lot to reduce these errors, they are still surprisingly common, and you should always check that all your information is accurate before you submit your forms.
- Incorrect Filing Status- Another common tax filing mistake is choosing the wrong filing status. If you aren’t sure what filing status is right for you, we recommend you ask an accountant about it, rather than just guessing. We’ll help you determine which status accurately reflects your situation and ensure you don’t get penalized for choosing the wrong one.
- Incorrect Deductions- A third area where many people go wrong in tax filing is in calculating their deductions. The IRS regulations surrounding tax deductions are highly complex, so to avoid making mistakes, we recommend consulting an accountant about which deductions actually apply to your situation.