6 Common Tax Filing Mistakes and How to Avoid Them

Written By Alla Levin
November 12, 2020

Tax Filing Mistakes and How to Avoid Them

Tax filing mistakes? Every year, you go through the somewhat nerve-wracking process of filing your state and federal taxes.  Whether you DIY the process or work with a tax professional, you are likely holding your breath, waiting to see what you owe for the year. Depending on what you file, you could own hundreds to thousands of dollars.  And that’s what happens when everything is filled correctly.

In most cases, you may be one of the 80% of Americans who make a mistake on their taxes. These tax filing mistakes range in severity from minor to major issues that can impact your refund. If you are preparing to file your taxes for the year, here are several common mistakes to avoid.

Filing Past the Deadline

One of the most common mistakes people make is filing their taxes after the deadline. This mistake can cost you extra money in fees and penalties. To avoid this problem, consider filing taxes early. However, if you do file late, it is important to contact the IRS and attempt to negotiate a lesser penalty. The IRS may be willing to reduce or waive any fines if you are able to explain why you missed the deadline.

Be sure to learn more about negotiating with the IRS and consult with an experienced tax professional if you need help. By taking this route, you can ensure that your tax bill isn’t too high.

Calculating Incorrectly

Figuring out your taxes can be complicated. You have to make several calculations that can end in disaster if you are not careful. To avoid this, check and double-check your work or get help from an independent contractor tax.

Tax Filing Mistakes: Missing Information

Tax Filing Mistakes

Your tax forms need to have your name and contact information on them, along with other information. Unfortunately, many people leave fields blank, make typos in forms, or fail to enter information from their W2. If you need a replacement form, your employer can use a program to create w2 online.

Using the Wrong Form

While many people will use a few common tax forms, there even more who use the wrong form when filing their taxes can cause delays and even affect your refund amount. Read all the instructions carefully and check with the IRS if you are unsure what form to use.

Choosing the Wrong Filing Status

There are a few filing statuses you can use when you file your taxes. Unfortunately, many people use the wrong one. To avoid this problem, check with the IRS to choose the best status for your situation.

Failing to Sign the Form Tax Filing Mistakes

Believe it or not, one of the most common filing mistakes is to forget to sign your forms. This can be a physical signature or an electronic signature. After the hard work is done, make sure you have signed your form before sending it to the IRS.

Tax Filing Mistakes: These Are the Common Tax Filing Mistakes to Avoid

There are a few common tax filing mistakes you should avoid.

You need to file by the deadline, calculate everything correctly, and make sure you don’t leave blank fields on your tax forms. You should also make sure you are using the correct form, the correct filing status, and are entering the correct information. Most of all, make sure to sign your form, so your taxes will be accepted by the IRS.

Follow these tips to avoid making mistakes on your taxes.

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