Best QuickBooks Consulting & Training in West Allis, WI

Common Tax Filing Errors – Did You Know? (1/2)nnEvery year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.nnThe following mistakes may not change your tax, but they can cause processing problems. The IRS may even withhold your refund until the errors are corrected. Be sure to check for the following:nnMissing or Inaccurate Social Security Number (SSN):nEven when filing electronically, many people mistype their SSNs and do not catch the error. If the SSN on your return does not match the number on your Social Security card, the IRS may not be able to process your return.nnMisspelled Name: nTake your time when filling in every blank on your return, even your name. A misspelling or illegible writing can prevent proper processing.nnIncorrect Bank Account or Routing Number:nGetting your return filed electronically and requesting direct deposit is the fastest way to get your refund, IF you provide accurate information. An error in your banking info can cause big headaches.nnMissing Signature: nRemember that in most cases, couples filing jointly must both sign their return.nnTo avoid costly mistakes, a tax professional can help prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.