Tax Day is almost here. April 15 is the deadline to file your taxes, and making mistakes can delay your refund or even cause you to owe more money. To avoid penalties and problems with the IRS, it’s important to check your forms carefully before you hit submit.
One of the most common mistakes is entering incorrect or missing information. That includes typos in names, wrong Social Security numbers, or forgetting to sign your return. A small error can lead to big delays. Also, don’t forget to include all the required tax forms like your W-2s or 1099s. Leaving these out could lead to your return being rejected.
Another common issue is claiming tax deductions or credits that don’t apply to you. It’s easy to get confused with all the options, but choosing the wrong one could lead to your return being flagged by the IRS. In some cases, it might even lead to an audit.
If you miss the April 15 deadline and have not filed an extension, you could face a failure-to-file penalty. If you owe money and file late, the IRS will send you a notice. So stay ahead, double check your work, and file on time to avoid the stress.