The Worst Tax Mistakes You Can Make

We wouldn’t be surprised if you told us you’ve had to look over your taxes a dozen times

to make sure everything is correct — and we don’t blame you. When you navigate your taxes on your own, it’s easy to make mistakes. However, some mistakes are much worse than others. In order to avoid getting into hot water with the IRS or waste more time filing, make sure to avoid these tax mistakes.

Entering the Wrong Names or Numbers

It’s very easy to accidentally write the wrong last digit of your spouse’s Social Security number or write an “h” that looks like an “n” and make your dependent child’s name seem like someone else’s. Make sure you have every name and number right on our tax return before submitting it.

Picking the Wrong Filing Status

There are only five statuses you can use: Single, Married Filing Jointly, Married Filing

Separately, Head of Household, and Qualifying Widow(er). Each status has its own rules for deductions, credit eligibility, and tax amount, so getting your status wrong could have major consequences.

Not Paying Tax on Your Social Security Income

If you’re receiving income from Social Security, a pension, and/or investments, you need to pay taxes on that. Even if you aren’t able to pay them, make sure you file that income to avoid getting slammed with penalties and/or interests from the IRS.

Being Too Aggressive With Deductions

Obviously, you want to get the most money possible back on your return, but be careful with how many deductions you list. Writing too many in without having the proper receipts or records can result in your getting audited by the IRS — which is never a good thing.

Meeting with a tax professional can ensure you don’t get caught in any sticky situations with the IRS and save you from having to spend more time fixing mistakes. American Investment Planners, LLC offers professional tax preparation services to individuals and businesses across the country. Let us make your tax season less taxing! To schedule an appointment with one of our tax professionals, please call (516) 932-5130, or email info@americaninvestmentplanners.com.