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.