Best Tax Preparation Services in Sheboygan, WI

Common Tax Filing Errors – Did You Know? (2/2)nnEvery year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Be sure to also check for the following:nnMath Mistakes:nEven mathematicians sometimes make errors in simple addition and subtraction, and some of the calculations required for 1040 schedules can be complicated. Thoroughly double-check every bit of math on your return.nnIncorrect Filing Status (Single, Married Filing Jointly, etc.):nThe IRS will not accept a return showing a filing status that you are not eligible to claim. If you qualify for more than one status (for example, filing jointly or separately if you are married), the option you choose may significantly change your tax.nnIncorrectly Figuring Credits or Deductions:nOnce you determine that you qualify for a tax deduction or credit, you must carefully compute the amount that you can claim. Many taxpayers fail to take into account income limitations (including the calculations that must be made if your income falls within a “phase-out” range) and other restrictions. Others claim less than they could, or miss out on deductions and credits entirely by not filing the required forms and schedules.nnExpired ITIN:nThose who file their IRS returns using individual tax identification numbers (ITINs) must keep in mind that ITINs periodically expire. Although a return filed with an expired ITIN may be accepted, the IRS generally will not allow any of the exemptions or tax credits claimed. The taxpayer must renew their ITIN in order to obtain the full refund that they are owed.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.