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Tax season can be daunting. Ensuring you’ve given your accountant the right information and have filled out everything correctly to maximize your return will save you money and help to avoid an audit from the IRS. Here are a few errors to avoid to make sure the process goes smoothly.

What Are Some Common Errors In Tax Filing?

1. Incorrect Information

Mistakes on basic information are common. People misspell names and addresses and write incorrect social security numbers frequently. Some individuals may also select the wrong filing status; consulting with an accountant about whether you should file as single or jointly will help get you the best return. Typos can cost you money, too, especially when listing deductions and other financial information.

2. Late Filing

Filing your return after the deadline will result in late fees. Even if you file for an extension, owed money needs to be paid by April 15th. Waiting until the last minute may also lead to mistakes if you are rushing.

3. Missing Write-Offs

accountantIf you meet requirements for a deduction, there is no reason to skip it. Your chances of getting flagged for an audit if you qualify do not increase. Your accountant will know the updated laws for deductions and if you meet the standards.

4. Wrong Forms

Some taxpayers make the mistake of filing the wrong forms and complicating their returns. Fortunately, the IRS streamlined the process and now requires everyone to complete Form 1040. Additional filings and reporting fall under six schedules, which you can determine based on your type of employment and filing status.

 

For tax help, call the certified public accountants at Roy E. Carter, CPA, PC. Located in Staunton, VA, they have been a reliable choice since 1998, ensuring that everything from tax return preparation to bookkeeping for businesses is handled expertly. The firm is also a small business advisor and a QuickBooks™ specialist, helping companies manage their finances at every turn. Call the accountants at (540) 886-6251 to learn more or visit them online for their full list of offerings.

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