For the few, the proud, the people who file their own taxes my hat goes off to them. It’s not an easy job to do, whether on paper or online and for those with small businesses, I normally advise making an appointment with a CPA. But for those who don’t yet have families or mortgages and can still use the 1040 EZ form for all of their filing needs, then it’s a bit easier to work with. Right? Whether you’re a first-time filer or frequent the TurboTax system, here are some classic filing mistakes made and ways to avoid making them this year.
Write/Type in Information Correctly
Trying to hurry the filing process along by typing at the speed of light and scribbling so fast nothing looks legible? That’ll come back to get you. Slight mistakes like accidentally typing in the wrong social security number and not changing it could result in a delay of your tax refund and the immediate need to redo your forms. Take it slow and check everything over before submitting it finally online. Picking paper instead? Fill out your tax form with a pencil first so that you can erase any mistakes and write over it when it’s completed with a pen.
Save Your Receipts
You can deduct more than you think by retaining your receipts from your purchases made throughout the filing year before. Know in advance what you can take advantage of when it comes to deductibles and be sure to save all receipts from those purchases. Request a receipt at the time of purchase if it isn’t offered too.
Remember Your Tax ID Number!
Whether you’re filing for state or federal returns, always make sure that you fill in your tax identification number and filing status properly to avoid missing out on deductions and an IRS audit.