black Android smartphone near ballpoint pen, tax withholding certificate on top of white folder by Kelly Sikkema courtesy of Unsplash.

Tax Season is Here: Avoid Common Filing Mistakes

Shane Goff |

Tax season can be stressful, but avoiding common filing mistakes can save you time, money, and potential penalties. As you prepare your tax return, be mindful of these frequent errors to ensure a smooth and accurate filing process.

1. Missing or Incorrect Personal Information

One of the simplest yet most common mistakes is entering incorrect personal details such as:

  • Social Security numbers (SSNs)
  • Taxpayer Identification Numbers (TINs)
  • Incorrect spellings of names (must match official records)

Double-check all information to prevent processing delays or rejection of your return.

2. Failing to Report All Income

The IRS receives copies of your income statements, so forgetting to report any of the following can lead to audits or penalties:

  • W-2s from employers
  • 1099 forms for freelance work, investment income, or gig economy earnings
  • Rental or other passive income sources

Review all tax documents received and cross-check with your records.

3. Overlooking Deductions and Credits

Many taxpayers miss out on valuable deductions and credits, reducing their potential refund or increasing their tax liability. Some commonly overlooked ones include:

  • Earned Income Tax Credit (EITC)
  • Child and Dependent Care Credit
  • Education credits (American Opportunity Credit, Lifetime Learning Credit)
  • Retirement savings contributions deductions

Research available tax breaks and determine eligibility before filing.

4. Math Errors and Miscalculations

Even small arithmetic errors can trigger an IRS review or delay your return. If filing manually, carefully check:

  • Addition and subtraction
  • Percentage calculations for deductions and tax credits
  • Totals matching your reported income and tax owed

Using tax preparation software or consulting a tax professional can help minimize errors.

5. Incorrect Filing Status

Your filing status affects tax rates, deductions, and credits. Choosing the wrong one can lead to incorrect tax liability calculations. Common filing statuses include:

  • Single
  • Married Filing Jointly
  • Married Filing Separately
  • Head of Household

Ensure you select the status that accurately reflects your household situation.

6. Neglecting to Sign and Date Your Return

An unsigned return is considered invalid by the IRS. If filing electronically, use the proper e-signature method. For paper returns, both spouses must sign if filing jointly.

7. Missing the Filing Deadline

Failing to file on time can result in penalties and interest charges. Important dates to remember:

  • April 15 – Standard filing deadline
  • October 15 – Extended filing deadline (if requested by April 15)

If you anticipate delays, file for an extension to avoid late filing penalties.

8. Not Keeping Copies of Your Return

Maintain copies of your filed tax return and all supporting documents for at least three years. This is essential in case of audits, future filings, or financial planning.

9. Incorrect Bank Account Information for Direct Deposit

Entering incorrect banking details can result in lost refunds or processing delays. Double-check:

  • Routing numbers
  • Account numbers
  • Account type (checking vs. savings)

10. Ignoring IRS Correspondence

If you receive a notice from the IRS, address it promptly. Ignoring communications can escalate issues, leading to audits or collection actions. If unsure, consult a tax professional for guidance.

Conclusion

Avoiding these common tax filing mistakes ensures a smoother process and helps you maximize refunds or minimize payments. Take your time, review details carefully, and seek assistance if needed. Proper preparation today will save you headaches in the future!

 

**This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.