Top Tax Refund Mistakes That Could Save You Money
Tax season and filing your taxes is for most people a season of stress and in many cases fear of doing something wrong. The reality of tax season is that people often make mistakes that hurt themselves because they are acting with haste rather than a clear head. Tax software and taking the time to file taxes online will often help correct many of these issues, especially if you work with a company like H&R Block, who has the expertise to help every individual that needs it.
The following are basic reminders for every person to be mindful of as they get towards the end of tax filing season:
1. Check for simple errors
It is so easy to be moving too quickly through your return that you make mistakes that can be easily corrected during a cursory review. Make sure that you take a look at the spelling of your names as well as the names of all of your dependents. It is also critical that you look at the social security numbers on your return and make sure they are accurately listed. The easiest way for a return to be denied is by you improperly identifying yourself or your dependents. The good news is that this is also the easiest mistake to catch through a quick review for clerical errors.
2. Income information accuracy
Fat fingering your income numbers for the year is the easiest way to create an anomalous result on your tax return. Take one more spin through your income after entering the data for the first time to avoid this pitfall.
3. Test the standard deduction
It is important to look at the deductions that you deserve and compare it to the standard deduction. You don’t want to simply take the easy way out by using a standard deduction that might be lower than you are otherwise owed.
4. Take the write-offs you’re entitled to
It is important to look into the tax credits and write-offs that you are able to leverage to reduce your tax burden. There is no reason not to at least look at available credits to see if you qualify. Not looking at all of your options is a common mistake that is made by people who rush to file or who are afraid to take what they are owed.
5. Add a bank account
If you are getting a refund you don’t want the government to hold your money one second longer than you have to. Make sure to add your bank account information so that your refund will get into your account as quickly as possible.