Don’t Let the IRS Hold Your Money: 5 Tax Filing Mistakes That Could Delay Your Refund
Tax season can be very stressful but also rewarding when you want that refund. Yet, several factors can cause significant delays in your tax filing and result in the IRS keeping on to your funds longer than anticipated. To save you the trouble of getting into this bother we decided to share with you five regular errors in tax filing that will help set sail clear:
1. Incomplete Information
Submitting Incomplete InformationOne of the most common mistakes taxpayers make is submitting incomplete information. It is also important that you have filled out all the necessary fields on your ta forms correctly. Verify your name, Social Security number and income. And guess what — any mismatch there could slow things down as the IRS may need to get in touch with you for clarification.
2. Incorrect Filing Status
Filing status is very important regarding what you will owe and how much of a refund you may receive. Single, Married or head of household is a critical status file. Choose the wrong one and you may not pay enough tax during the course of a year, meaning your refund will be smaller (or that you owe money) when all is said to done after reconciling with IRS.
3. Math Errors
Errors or miscalculations can screw up your tax return in a snap and delay the processing. Lets consider addition or subtraction errors. Even using an incorrect the tax rate can muddy up the water. Double-check your math with tax software or a professional
4. Not Signing and Dating Your Return
Something such as signing and dating your tax return may sound inconsequential, but its omission is integral. The unsigned return is regarded as missing, and the IRS will not process it until they have a signed copy. Just make sure to verify that your return is signed before submission !!
5. Ignoring Dependency Rules
While claiming dependents can have a major impact on the size of your refund, you need to be careful about following IRS guidelines. Claiming Individuals That Are Not Qualifying Dependents; doing so may result in an audit or delayed processing of your refund. Get to know the rules so that you do not fall into any traps
Being aware of this pitfalls can save you the headache especially since your tax filing process will now be smoother and have a higher chance of getting that fast return.
