If you face tax prep with trepidation, you’re not alone. Even a small mistake can have significant consequences, including delaying your refund or even triggering an audit. The following information explains some of the more common mistakes during tax planning, and what you can do to prevent them.

Tax Prep Mistakes That Can Derail Your Return

1. Problems With Credits & Deductions

If you want a lower tax burden, chances are you take advantage of credits and deductions. The rules and regulations surrounding these topics can be confusing, which can lead to claiming items when you don’t meet the relevant criteria. Reading up on the tax code can provide greater insight, but you should enlist a certified public accountant for a better understanding of credits and deductions.

2. Math Mistakes

Even small math errors can call a tax return into questions. Additionally, it’s easy to make math errors or even transpose figures so the numbers don’t add up. Consider investing in tax software, which will calculate figures for you and lower the chance of human errors. Also, make sure you check and recheck your work.

3. Spelling Errors

In the same token, spelling errors will slow down the processing of your document. Getting a name or address wrong means that your return won’t match up with whatever the IRS has on file. While these issues can be easily fixed, they will delay your refund or even result in a late return. Also, make sure you use your updated name if you’re newly married.

Michael C. Davis, CPA, knows how important accurate tax prep is. That’s why his Stow, OH, office offers clients a range of tax services, including refund tracking, help with payroll taxes, and tax planning. With more than 36 years of services, you can rest assured that your return will be prepared and filed according to all pertinent regulations. He also does business counseling and accounting services, so you can have a good idea of your financial health. Call (330) 376-1099 today to schedule a consultation. You can also visit him online to access helpful tax info.