The tax-filing deadline is right around the corner. As April 15 approaches, you might be tempted to speed through the filing process. But that can lead to costly mistakes.
You want to make money moves that will fill your wallet, not empty it. So, avoid these big tax mistakes as you push to get your tax return done by the deadline.
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Not having all the right documents
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Filing a tax return involves a lot of paperwork. Although it's often a headache to compile all of the necessary documents, doing so is critical to making sure everything is included in your tax return.
Such documents include your Form W-2 and any Form 1099s from other income you've earned throughout the year.
Other documents you might need to include are a Form 1098 showing mortgage interest you've paid, a Form 1098-E showing any student loan interest you paid, and a Form 1095 to verify health insurance coverage costs.
Forgetting to include any income
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While you are unlikely to forget to report the wages you earned, it's easy to overlook other sources of income.
For example, don't forget to include interest income earned from a savings account and dividend income earned from investments.
Include all income you received throughout the year. If you accidentally miss something, the IRS might penalize you.
Not providing the right direct-deposit information
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If you expect to receive a refund, it's important to get your bank direct-deposit information right on your forms. If you provide the wrong direct-deposit information, your tax refund won't end up in your account.
Since no one wants to miss out on their refund, getting direct-deposit information correct is key.
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Making math mistakes
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A math mistake can derail your tax refund. Even a small error could cause the IRS to flag your return.
Fortunately, most tax preparation software will handle the math for you. Using this type of software is a great way to avoid math mistakes.
Not signing the return
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You need to sign and date your tax return in order for it to be valid. If you have a spouse filing with you, they will need to sign the document too.
It's easy to overlook this step, so stay vigilant.
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Forgetting to fund an IRA
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Tax time presents an opportunity to make the most of tax-advantaged retirement accounts. If you choose to fund a traditional IRA, you can typically lower your tax bill for the year you make the contribution. You will pay taxes later when you withdraw the money during retirement.
If you opt for a Roth IRA, you won't get an upfront tax break. However, you won't have to pay taxes on future withdrawals during retirement.
Both types of IRAs can be worthwhile for retirement savers. Don't miss the chance to make your contribution.
Overlooking deductions and credits
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The tax system includes a seemingly endless number of deductions and credits. As a taxpayer, overlooking deductions and credits can lead to paying more in taxes than necessary.
Don't rush this step. Instead, seek out any deductions and credits that could help lower your tax liabilities.
Using the wrong filing status
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The right filing status can make all the difference. For example, married couples who file jointly tend to enjoy a lower tax obligation than those who file separately.
Take a close look at your filing-status options to determine which option is the best fit for your situation.
Not asking for time if you need it
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Do you typically struggle to get your taxes done by the April 15 deadline? Instead of pushing to get everything together in time, consider filing an extension request to push off the deadline for a few months.
The extra time can give you the space you need to file a return with everything in order.
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Failing to pay your tax when you need more time to file
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Even if you file an extension, you'll need to pay the taxes you owe by April 15 to avoid a penalty.
So, although you can wait until October to file the return itself, payment of taxes is still due by the original deadline.
Bottom line
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As you navigate tax season, the wrong move can be costly. That's especially true if you are juggling multiple sources of income on your tax return.
If you aren't sure how to move forward with your taxes, consider hiring a competent professional to take over the process. Avoiding unnecessary mistakes is a great way to lower your financial stress and keep the IRS off your back.
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