Got your mind on your money, and your money on your mind? If you want to get the most out of your tax return this year (and avoid the dreaded IRS audit), avoid making these critical mistakes:
Missing the deadline.
First things first: know your deadline! The IRS will begin accepting tax returns on Monday, January 23rd, 2017. The deadline (also known as National Tax Day) is Tuesday, April 18th. If you wish to apply for a six-month extension, you must do so by this day. However, any taxes you owe are still due on April 18th.
Math miscalculations.
This is the single most common mistake on tax returns each year. Whether you made an error in your calculations or while transferring your numbers, you can bet the IRS will quickly detect your mistake. Having your taxes prepared by a professional can help minimize this risk.
Misspelled names.
The IRS cares about numbers, but names are important too. If the name of the taxpayer, spouse, or dependents doesn’t match what the IRS has on file, your return could be significantly delayed.
Forgetting additional income.
You’ve included your wages from your full-time job, but you could be forgetting about these common sources of additional income:
- Part-time or side jobs
- Job that you only worked at the start of the year (if you worked just one day in 2016, it counts!)
- Savings and investment accounts
- Unemployment benefits
- Jury duty pay
Wrong bank account numbers.
Imagine this: you’ve double checked your numbers. Triple checked, even. Everything is right and you are ready to submit your form to the IRS. You opt for the direct deposit, and enter the wrong routing or bank account number. Don’t let this happen to you – make sure your return is going to the right place!
Having an experienced tax professional by your side will not only ease your stress and help you avoid making mistakes, they can find additional deductions and credits that you may not be aware of. Trust American Investment Planners, LLC to help you file your tax return this season.
To schedule an appointment with one of our tax professionals, please call (516) 932-5130 or email info@americaninvestmentplanners.com.
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