Many taxpayers make common mistakes that can lead to delays or issues with their tax returns. One of the most frequent errors is incorrect personal information, such as misspelled names or wrong Social Security numbers. These mistakes can cause significant delays in processing your return and receiving your refund. It’s crucial to double-check all personal information before submitting your tax return.
Another common pitfall is failing to report all sources of income. Whether you have freelance work, rental income, or investments, it’s essential to report every dollar earned. The IRS receives copies of all income statements, and discrepancies can lead to audits or penalties. Keeping thorough records of all income sources can help you avoid this mistake.
Lastly, many taxpayers overlook available deductions and credits, which can significantly impact their tax liability. It’s important to research and understand what you qualify for, as missing out on these opportunities can lead to paying more taxes than necessary. At AnMwey Tax, we help our clients identify and claim all eligible deductions and credits to ensure they maximize their tax benefits.
