With the April 17 deadline closing in, those who haven’t yet filed their income tax returns have been stamped with the procrastinator label. Last-minute filing often brings added stress … and that extra stress can lead to a few avoidable errors. But recently, Jackson Hewitt provided tips to help last-minute filers avoid common mistakes.
“Each year, there are many who wait until the final days to file their taxes,” said Jackson Hewitt’s chief tax officer, Mark Steber. “With the last-minute rush, it is important to carefully check your tax return prior to filing because even the simplest of mistakes can cause delays in the issuance of a refund.”
According to Steber, here are the top five most common mistakes made when filing a return:
- Incorrect Filing Status: Checking the incorrect filing status is easy to do. However, the wrong choice could reduce the amount of your tax refund.
- Providing Incorrect Information: Typos happen, but filers should take extra care when entering vital stats like names and Social Security numbers. Not sure what version of your name to use? Write it exactly as it appears on your Social Security card.
- Mathematical Errors: Bad math can lead to bad consequences. Keep your calculator handy and be sure to double check your numbers when filing your taxes.
- Claiming Ineligible Exemptions: Pay special attention to exemption rules. It’s common for taxpayers to claim ineligible exemptions … such as a grown child who still lives at home.
- Forgetting to Claim Items: The rush factor can lead to forgetfulness. Forgetting to claim qualified charitable donations, medical expenses, etc. can increase your payment or decrease your return.
Steber had additional advice for folks who need more time to file.
” … keep in mind that while you can postpone filing your return until October 15, 2012, filing an extension does not provide additional time to pay. You must pay any taxes owed by April 17, 2012. Otherwise, you may be subject to penalty and interest charges,” he said.
