Three Most Common Tax Mistakes

Mistakes on tax returns can trigger audits and lead to rejected returns. It is important to double and triple check your returns before filing them to prevent delays in processing your returns. Below are the three mistakes which are most commonly made on tax returns.

Transposed Numbers

Transposing numbers is easy to do. It is important to enter two or three digits at a time, and use something to keep your place when transferring long series of numbers. A pencil or highlighter is a good way to maintain your place in the sequence.

Misspelled Names

It is rather unlikely that you will misspell your name or a family member’s name, but tax professionals can make mistakes. It is necessary that you double-check all names before submitting returns. Even check that your children’s names are properly spelled as that can have an effect on your return.

Incorrect Filing Statuses

If you are married, your filing status has to match, especially when you opt to choose the married filing separately option. If you are a single parent or in a domestic partnership, you and your partner should decide who will claim head of household. Single parents should make sure they can claim their children as both parents cannot claim the same child.

Final Thoughts

Take the extra few minutes to check all of your calculations, spellings, and sign your forms. Make sure that you have completed all of the additional forms and worksheets associated with your return. Run through your entire return, even electronic versions, before submitting your return.

Image credit: Miran Rijavec