04 Aug Late income tax return- errors and mistakes to avoid
When you are awaiting a big tax refund from the IRS, you certainly need it as soon as possible. There are limited ways to pace up your refund: request your refund through direct deposit instead of a paper check, electronically file your return, and probably importantly, be certain that your income tax return is not delayed by mistakes.
There are numerous mistakes the IRS faces on a daily basis. These bring up an unexpected red flag and can result in your refund being postponed by weeks or even months at times as the IRS attempts to sort out the reasons.
Be certain to double-check your returns for the below given easily neglected errors.
Wrong Taxpayer Name
If you are married filing individually, you are the taxpayer. Put your Social Security number and name on the mainline of Form 1040. Your partner’s name belongs in the space at the right of the filing status checkboxes, and their SSN gets on in the void for “spouse’s SSN.”
Be sure that your name, your partner’s name, and the names of all of your subordinates relate to the names on the related Social Security cards.
If you have legally changed your name, divorced or just got married but did not make changes in your name with the Social Security Administration, you will need to file your income tax return utilizing the name published on your Social Security card. Or else, the return will be denied because there is a mismatch within the SSA’s records.
Multiple Filing Statuses
This is a mistake made commonly on paper returns. But, software like H&R Block won’t permit you to select more than one filing status. If you are filing your ITR on paper, be certain that you have checked off the proper filing status and that you have checked just one.
Ineligibility to Claim Dependents
When claiming eligible dependents on your taxes, be certain that you are qualified to claim them. You can not claim someone as a dependent until and unless that individual is a qualifying relative or child.
Wrong Bank Routing or Account Number
If you have called for a direct deposit refund from the IRS, be sure that you double-check the account and routing numbers for your bank account. This is moreover a very common mistake that can bring delays – and it is manageable to avoid.
Do yourself and the IRS a favour and put on your income tax return a once-over to scan for mistakes. Some of the errors spoken of above are simple to prevent if you work with a certified tax accountant. Make sure to double-check your income tax return before filing. This easy step can benefit you in preventing delayed refunds, rejected returns and IRS notices.