This blog updated January 2022
As you’re gathering your documents to file your taxes this year, take a moment to check that you’re not making one of these common mistakes:
Don’t File too Early
While it’s important to file before the tax deadline, you need to make sure you have all your documentation accounted for before you file. Not every financial institution will have paperwork in the mail or available online at the end of January. Take a look at a copy of your return from last year to get an idea of the information you’ll need to file this year. If there’s information you need from an institution, contact that institution directly to get an idea of when the documentation you need will be available.
Don’t Forget a Social Security Number
The IRS uses your Social Security number (SSN) to identify you and anyone claimed on your return, like a spouse or dependents. All SSNs included on your tax return need to match the number on the SSN card exactly. If any of the SSNs on your return are incorrect, there will be a delay in processing your return.
Don’t Misspell Any Names
Like your SSN, it’s important that all names on your return are spelled correctly. The names on your return should match the names as they’re printed on the person’s SSN card. Again, any discrepancies will result in a delay in processing your return.
Don’t Enter Important Information Incorrectly
All the information on your tax return is important, so make sure it is accurate. Input all information like wages, interest, income, etc. exactly as it appears on your statements. This is the information that’s used to calculate your eligibility for deductions and credits, so it needs to be accurate.
Don’t Use the Wrong Filing Status
Your filing status directly impacts the rate your income is taxed and your eligibility for credits and deductions. There are five different statuses to choose from: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child. Make sure you are choosing correctly.
Don’t Wait for a Paper Check
The IRS continues to remind us that setting up a direct deposit for your tax refund and any future stimulus payments you’re eligible for is the fastest way to receive these funds. Take the time to set up your banking information online with the IRS so you’re ready if you are eligible for a return this year.
Don’t Forget to Sign Your Forms
This might seem obvious, but double check that you have signed, pen to paper or electronically, your tax return! Your return cannot be processed without your signature, so make sure it’s there.
Corrigan Krause is here to help
The Tax team at Corrigan Krause is gearing up for a great tax season. Please feel free to reach out to your tax team directly or email info@corrigankrause.com with any questions you may have. We look forward to working together this tax season!