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Posted by: Maricopa Lawyers on Mar 31, 2014

More and more people are choosing to file their own taxes each year. While the advent of online resources has streamlined the filing process, it’s also opened the door to many costly mistakes across tax returns throughout the US. Here are the most common tax mistakes to consider before you file.

Filing on time

Your taxes are due on April 15th unless you’ve filed for an extension. Don’t wait until the last minute to file your taxes, especially if you’re filing electronically. The IRS will charge interest at a compounded daily rate for taxes that are past due.

Missing information

One oversight on your taxes can make the difference between 0’s on your return or due taxes. It’s critical you use a discerning eye when initially filing your taxes – eliminate any possible distractions. After you’ve completed the form, make sure to review it multiple times to ensure all necessary information is present and correct.

Mathematical errors

Even if you’re a seasoned accountant, your math is susceptible to human error. Make sure you back up your calculations and deductions with the proper tax software. A calculator is important to backing up your math.

Missing your previous return

Your current tax return is a bridge from the previous year. Make sure you keep all your important tax information in a safe place and it’ll make your life considerably easier. Be aware that missing this information makes you incredibly vulnerable should you find yourself audited by the IRS.

Overlooking tax breaks

Tax laws change every year and this often affects the tax breaks available to you. Most people don’t bother to see if there are new tax breaks that benefit their return because they wait until the last minute to file. Don’t be one of those people!

Do you want more advice on your taxes? Visit Bank Rate for some additional pointers.