Mistakes are a common issue with regard to filling out tax forms. If you’re in the process of filling out your tax return before the deadline, here are some common tax day mistakes and how to avoid them.
Math Errors
One of the biggest complaints regarding preparing your own taxes is the excruciating and complicated mathematical instructions. If you’re filling out your taxes this year only to find you’ve mistakenly performed some mathematical errors, don’t panic. There are easier ways for you to file your taxes yourself without paying excessive fees to third-party consultants. There is a handful of reputable tax preparation software programs that will fill out your tax forms for you using a series of questions.
Misplaced Tax Information
The tax system seems like it’s designed to sabotage itself as your employee tax information arrives several months before the deadline for your taxes. During these months, it’s incredibly easy for you to misplace your employee tax papers or other pieces of documentation you will need to file your taxes. These documents may be available online through the correct websites, such as your company website. If the documents that you misplaced cannot be recuperated easily, you should take advantage of the Internal Revenue Service’s ability to extend the time you get to file your return.
Missing Previous Tax Returns
When April 15th comes around, everyone breathes a sigh of relief that another year of tax season has passed and that their bank accounts are a little bit more bountiful than they were before. This is usually the time when tax papers and copies of your tax returns are stuffed away or possibly thrown away since they don’t seem to be of use any longer. You would be incorrect in believing this. If you happen to be randomly chosen for an audit, the IRS will want to look at your previous three tax returns.
If you don’t have them, that could be an issue. You can save yourself the trouble of explaining to the IRS why you don’t have the tax returns they require by either saving copies of your paper returns in a secure area or by filing your returns electronically. The software or website you use will automatically save a digital copy of your tax return on their servers and email you a digital copy to keep for your personal records.