Stacie's Tax Stuff

We all make mistakes. But if you make a mistake on your tax return, the IRS may need to contact you to correct it. That will delay your refund.

You can avoid most tax return errors by using IRS e-file. People who do their taxes on paper are about 20 times more likely to make an error than e-filers. IRS e-file is the most accurate way to file your tax return.

Here are eight common tax-filing errors to avoid:

1. Wrong or missing Social Security numbers.  Be sure you enter all SSNs on your tax return exactly as they are on the Social Security cards.
2. Wrong names.  Be sure you spell the names of everyone on your tax return exactly as they are on their Social Security cards.
3. Filing status errors.  Some people use the wrong filing status, such as Head of Household instead of Single. The Interactive Tax Assistant on IRS.gov can help you choose the right one. Tax software helps e-filers choose.
4. Math mistakes.  Double-check your math. For example, be careful when you add or subtract or figure items on a form or worksheet. Tax preparation software does all the math for e-filers.
5. Errors in figuring credits or deductions.  Many filers make mistakes figuring their Earned Income Tax Credit, Child and Dependent Care Credit, and the standard deduction. If you’re not e-filing, follow the instructions carefully when figuring credits and deductions. For example, if you’re age 65 or older or blind, be sure you claim the correct, higher standard deduction.
6. Wrong bank account numbers.  You should choose to get your refund by direct deposit. But it’s important that you use the right bank and account numbers on your return. The fastest and safest way to get a tax refund is to combine e-file with direct deposit.
7. Forms not signed or dated.  An unsigned tax return is like an unsigned check – it’s not valid. Remember that both spouses must sign a joint return.
8. Electronic filing PIN errors.  When you e-file, you sign your return electronically with a Personal Identification Number. If you know last year’s e-file PIN, you can use that. If not, you’ll need to enter the Adjusted Gross Income from your originally-filed 2012 federal tax return. Don’t use the AGI amount from an amended 2012 return or a 2012 return that the IRS corrected.

Additional IRS Resources:

• IRS Free File
• Tax Topic 303 – Checklist of Common Errors
• 1040 Central
• IRS Tax Map

Doing your taxes doesn’t have to be taxing. You can make preparing and filing your federal income taxes easier by following these six tips from the IRS:

1. Use IRS Free File.  If you made $58,000 or less, prepare your return using free, brand-name tax software. If you made more and you’re comfortable doing your own tax return, use Free File Fillable Forms. This option is the electronic version of IRS paper forms. Go to IRS.gov/freefile to get started today.
2. Try IRS e-file.  You should try IRS e-file whether you do your own taxes or have them done for you. E-file is the safest, easiest, most accurate way to file a tax return. In fact, you’re 20 times more likely to make a mistake when you file a tax return on paper because e-file software will usually catch your errors. It will also alert you to tax credits and deductions you may otherwise miss. If you owe taxes, you can file now and pay later. The easiest way to do this is to use the Electronic Funds Withdrawal option to pay by the April 15 deadline.
3. Don’t delay.  Avoid doing your taxes at the last minute. If you rush to make the filing deadline and file a tax return on paper, you may overlook tax savings. You’re also more likely to make a mistake. An error will usually delay your refund and often causes the IRS to send you a letter.
4. Visit IRS.gov.  Go online for tax news and information. Make ‘1040 Central’ your go-to source for all the tax help you need to file your tax return.
5. File on time.  If you owe taxes but can’t pay by April 15, you should still file on time and pay as much as you can. This will minimize penalties and interest charges. If you can’t pay all the tax you owe, you may apply for an installment agreement. The best way to apply is to use the Online Payment Agreement tool on IRS.gov. You can also apply by mail using IRS Form 9465, Installment Agreement Request.
6. File an extension.  If your tax return is not ready by April 15, you can get an automatic six-month extension. E-file your extension request using the Free File program. You can also get an extension using Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. You should e-file or mail Form 4868 and pay any tax due by April 15.

Visit IRS.gov to get the tax forms you need. You can also call 800-TAX-FORM (800-829-3676) to have them mailed to you. Allow at least 10 days for mailing.

Additional IRS Resources:

• IRS Free File
• E-file Options
• Interactive Tax Assistant
• IRS Tax Map