Common Tax Prep Errors

Today’s IRS Tax Tip (Number 2012-58) warns about common tax prep errors.  The bottom line?  To avoid tax problems, double-check everything, especially the numbers.

You’re not likely to misspell your last name, jot down the wrong address, or forget to claim one of your children.  But entering a wrong number here or there is a typical mistake.  Whether it be in the transposing of the number or the computation of the number, it is critical that you take your time and double-check.  In fact, it’s a good idea to get a second set of eyes to go over each form if possible.

So, where do the most common number errors show up?

  • social security numbers
  • bank account numbers
  • adjusted gross income figures

Some tax prep errors can result in a tax return being returned, adjusted, or audited.  Be sure you spell names correctly, use the correct income figures from 1099 and W-2 form(s), and always, always be sure to sign your return.

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