You should know that, on average, a person spends 12 hours preparing their income tax return. All you need to know that if you spend all the time preparing a return, the last thing you would want is to make a mistake while you are in haste. No matter how simple your mistake is, they can indeed delay your refund.
Some mistakes you should avoid are:
- Improper social security or incorrect ID- Accountant Wetherill park advises people that SS must match your social security card. Even if you have the wrong Id details, then it can pose a problem.
- Filing status mistakes- Some of the standard status options include married filing jointly, head of household, single, married filing separately, and qualifying widow. These options are used to determine your filing needs. One of the initial steps in your filing system is choosing the best filing status.
- Math errors and miscalculations- It is easy to make mistakes with all those numbers that you need to enter. Thus you should check your calculations before you submit the forms.
- Incorrect bank account numbers- It would be best if you double-checked your bank account numbers before you submit your form, or else your refund would be delayed.
- Filing late or even not at all- Majority of us can get done with the minor filing mistakes, but if you fail to file the returns late, you have to pay some penalties.
Thus, you can avoid paying penalties if you avoid these mistakes.