Money Talks News: Avoiding common tax mistakes - Toledo News Now, News, Weather, Sports, Toledo, OH

Money Talks News: Avoiding common tax mistakes

(Source: AP Images) (Source: AP Images)
Money Talks News -

Messing up at tax time can wreck your refund, cost you a penalty and maybe even result in an audit. So it's important avoid filing mistakes.

Here are a few of the most common tax mistakes...

It seems silly, but the first and most important thing is making sure the correct social security number is written. That could ruin everything.

Next, check, re-check and check that math again.

Software definitely helps but making sure the correct numbers are entered is imperative. Software can't sign a return and check that its being sent to the IRS.

Another potential mistake is using a simple form like an EZ, when a 1040A or 1040 would provide a bigger refund. Again, some software will ask questions to avoid this mistake.

Paying a preparer could be the wrong move.

If a person made less than $54,000 last year, there are thousands of places to get a return prepared free.

The final mistake: Failing to file electronically and using direct deposit.

If these two things are done, a refund will come in days instead of weeks.

A lot of these mistakes come from the same source which is waiting till the last minute, then rushing through a return.

Start working on your return earlier and taking your time if you want an error-free return.

Find more information on the Money Talks News website - Just do a search for "Tax Hacks 2017." 

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