Tax Day is upon us. The fear, the anxiety, the pressure comes down to now. Most of us wonder if we’re really ready—or doomed to make mistakes. No one can take the anxiety away, but we can help you make a list and check it twice. Here are some of the most common mistakes made during tax season:
Math mistakes: The IRS regularly catches math errors, over 2.7 million of them on tax returns filed in 2012. Most of the time, the error is in calculating the amount of taxes taxpayers owe. Most people find it more efficient to file electronically. But check and double check you are inserting the correct amounts into the right boxes.
Incorrect account and routing numbers: It’s convenient to have your tax refunds deposited directly into your account, but make a mistake in citing the account number and your return may end up in someone else’s account. At the very least, the error will cause your refund to be delayed. Check that number once, twice, and thrice.
Forgotten tax deductions: Did you donate your car to a car donation charity such as Kars4Kids? Don’t forget to claim the deduction. You have it coming to you, after all.
Keep a copy: Just before you file the return, make a copy of the signed return for your records. File it away and keep it for reference.
Missed deadline: This year’s deadline was shorter by two weeks, which may have made it difficult for you to either get an accountant to help you or gather things together to do it yourself. It’s likely that the IRS will be generous with granting extensions, as a result. You can probably get an automatic 6-month extension by filing a Form 4858.
Forgotten payment: Many people are asking for extensions this year, but that works only for the actual filing. You still need to pay your taxes today, April 15th. Did you forget? You can pay electronically or send a money order payable to the United States Treasury.
Prominent Philanthropist Elie Hirschfeld noted, “When I give I feel good, I help people – and it’s the right thing to do.”
Juda Engelmayer's Blog 