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Some common mistakes to be aware of as Tax Day approaches

| Apr 12, 2017 | audits

With just two weeks to go until Tax Day, it is important for everyone who hasn’t filed their taxes to get to work. Doing your taxes isn’t a fun exercise, nor is it a task that anyone really looks forward to, but you have to do it. Simply letting the deadline pass without filing your taxes is unacceptable, and it can lead to serious consequences for both individuals and businesses when they fail to file.

Today’s source article lists some of the many mistakes that can be made by filers either purposely or accidentally. In any case, you should look out for them. However, instead of listing every point — it is a long list — we have summarized the main themes of the source article into a few key points:

  • Always check your math. The Internal Revenue service found more than 2 million math errors in tax filings in 2014. Now, most math errors are innocent mistakes and the IRS treats them as such. They will simply correct the error for you. But some are so grave that it could lead to an investigation or an audit. Check your math to avoid this possibility.
  • Review your filing for empty boxes or missing information. This is another common problem that doesn’t always lead to action — but it could. So re-read your filing before your seal it up in an envelope and send it off to the IRS. Your name, your Social Security number, the information from your W-2s: all of it should be correct and filled out.
  • Don’t let the filing defeat you. You may run into problems or complications while you fill out your tax forms, but don’t let it get to you. Sticking with it and mailing your filing will be a great accomplishment and you will feel a sense of relief.

Source: USA Today, “11 big tax mistakes to avoid,” Tina Orem, March 24, 2017