5 Final Hour Tax Filing Errors
Taxpayers make preventable mistakes every year that cause delays with their tax return processing. Knowing what these mistakes are may help you avoid unnecessary delays of your refund. Courtesy of the IRS, our North Carolina tax attorneys have listed five common mistakes taxpayers make when they filing their taxes in the hours or days before April 15th:
1. Entering the wrong routing and account numbers. Filers often elect to receive their refund via direct deposit to avoid waiting weeks to receive their check in the mail; however a simple account number error could result in an even longer wait. During the last-minute rush to submit the return in time, filers may miss a digit, enter an inverted number, or use an old account number by accident.
2. Choosing to file with a paper return. Filing electronically saves time and reduces tax return errors. Taxpayers who still choose to file a paper return are more likely to make errors, not write legibly, or mail the form to the wrong address. Filing a paper return also requires certain documentation to be attached. All of these variables related to paper return filing create the potential for errors and delays.
3. Entering the wrong personal information. Some taxpayers are focused entirely on the more complicated aspects of their return that they fail to enter the correct birthday, Social Security number, filing status, or spell their name incorrectly.
4. Forgetting to sign and date the return. A simple signature is another step that is commonly forgotten in the rush to file. For married couples, if one spouse prepares a joint return, they may forget to have their partner sign the return as well. Paper filers must handwrite their signature, while e-filers sign their return with a PIN.
5. Not using the tax tables. Use the tax tables to determine the appropriate filing status and necessary column. Check with a North Carolina tax attorney to prevent any last-minute errors when selecting your status.
Remember, tax returns are considered on-time if they are e-filed or postmarked on April 15th. If you know you owe taxes and are unable to pay, don’t let that prevent you from filing. You will need to pay a penalty for failing to file. You can file your return now, file for an extension, or make an agreement with the IRS to satisfy your tax balance in installments.