With the laws constantly changing and being revised, filing taxes can be confusing and complicated. However, not knowing the latest tax code doesn’t negate your responsibilities as a taxpayer. You must still ensure your tax return preparation is correct. Inaccuracies can lead to costly penalties and keep you from getting your maximum refund. Here are a few routine mistakes to avoid this tax season.

Common Tax Errors to Know

1. Omitting or Miscalculating Income

Most income is considered taxable and you must properly report it on your tax return. Employers and financial institutions send the IRS the same earnings information they provide you. In turn, if the data you put down doesn’t match the Internal Revenue Service’s (IRS) records, it can increase your chances of an audit. Make sure all your income is accounted for, especially if you have multiple sources. Additionally, tax return preparation involves a variety of calculations, and without the help of a professional, it can be easy to mix numbers or calculate incorrectly.

2. Missing Deductions or Credits

Many tax deductions and credits have been added, removed, and adjusted over the years. Thus, it is challenging to know all the savings that apply to your situation. If you’re not claiming all the deductions and credits you’re eligible for, you could pay the IRS  more than you owe. Before taking the standard deduction, talk with an accountant to make sure you’re getting all your tax breaks. These include a home office, mortgage interest, child care, and business expenses.

3. Not Filing on Time 

For most people, the deadline to file taxes is April 15th, unless it falls on the weekend. Despite having the same due date every year, many wait until the last minute and struggle to get their tax return preparation finished on time. While you can file for a six-month extension, your tax bill will still be due by the original deadline. The IRS will charge additional fees if you fail to pay by then. Even if you don’t have enough to cover what you owe, you should file on time and make payment arrangements to prevent owing more.

For the best results from your taxes, turn to the CPAs at STL Tax. They offer thorough and affordable tax return preparation for individuals and businesses across the St. Louis, MO, metro area. Backed by more than 15 years of experience, they provide effective strategies that help minimize your tax liability while making sure you comply with current IRS requirements. Call (314) 645-1614 to schedule an appointment, or visit them online to learn more about their services.