10 common mistakes made by taxpayers who self-prepare their returns
Incorrect Social Security numbers: This can result in delayed processing and incorrect tax credits.
Mismatched names and addresses: This can cause problems with mailing correspondence and matching with government records.
Missing or incorrect forms: Failing to include required forms can result in incomplete returns and potential fines.
Miscalculating deductions and credits: This can result in underpayment or overpayment of taxes.
Failing to report all income: This can result in underpayment of taxes and potential fines for underreporting.
Overlooking tax law changes: Staying current with tax law changes can ensure accuracy and eligibility for tax benefits.
Neglecting to file state taxes: State taxes must also be filed in addition to federal taxes.
Filing incorrect tax status: Filing as the incorrect tax status can result in incorrect calculation of taxes owed.
Neglecting to sign and date the return: An unsigned or undated return is considered invalid and will not be processed.
Not seeking professional help when needed: Tax laws can be complex, and seeking help from a tax professional can ensure accuracy and minimize potential fines or penalties.
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