Try as we might, we are all only human and we are all prone to making errors at some time or the other. With so many tax forms to fill out sometimes, it is not surprising that some of us end up feeling overwhelmed by the tax codes that bind us all. And a simple piece of tax advice can go a long way towards cutting out the mistakes we make and the tangles we might find ourselves in. But why just take tax advice from the experts? Look at the mistakes others have made and learn from it so that you don’t commit it yourself.
You forget to add a sign or date
This seems like an elementary mistake to make, but it is not so uncommon if you’re using tax software. In any case, don’t forget to add a sign and date to your forms. Choosing to e-file will cut out this error totally, so consider that as an option.
You leave out Copy B when sending out Form W-2
Your W-2 form states your wages and tax withholding, so make sure this form is completely in order when you submit it. You don’t want to fall foul of the IRS, now do you?
Putting in the wrong Social Security Number
If your Social Security Number is not something you can recall off the top of your head, look at the Social Security card while you’re filling in the details. Don’t mess up entering your Social Security Number; check it and double check it if you need to.
The math doesn’t add up
Using tax software can cut out any math errors you make. If you still want to do your taxes the old fashioned, do so by all means. Just use a calculator or spreadsheet to do your calculations because there shouldn’t be any errors in your math.
Make copies at all times
Make copies of your tax returns and keep it on record for whenever you want to refer to it yourself. That’s because this year’s returns will be useful when you file for next year and if you get audited these records are a must have. And there’s also the need for it when you get a mortgage for the home, so always keep it on hand.
A simple piece of tax advice can go a long way towards cutting out the mistakes we make and the tangles we might find ourselves in.