Doing your taxes yourself can be intimidating, but there are things you can do to ensure you’re filing correctly. Mistakes could potentially lead to tax audits, which can be time-consuming to resolve. Avoid these 11 common tax filing mistakes to ensure you’re not making any errors and getting your maximum refund.
Mistake #1: Filing without your W-2 or other tax forms
Make sure you have all your forms before filing. This includes W-2s, 1099s, retirement distributions, and many other forms.
If you do not receive your forms by January 31st, do not file with your last paystub. You should wait until you receive your official W-2 or other income forms. The W-2 could be different than your paystub and result in a delayed refund or letter from the IRS later.
Filing without receiving all your forms may require an amended tax return. If the filing deadline is approaching and you have still not received your forms, there are other stepsyou can take.
Mistake #2: Not taking all the tax credits and deductions you are eligible for
With there being so many tax credits and deductions, it can be hard to keep track of them all and know which ones you are eligible for. For example, the Earned Income Tax Credit (EITC) can provide substantial savings for low- to moderate-income individuals and families, while the home office deduction allows certain self-employed taxpayers to deduct a portion of their home office. TaxSlayer makes it easy to claim your tax breaks. We’ll determine your eligibility for all possible credits, deductions, and exemptions, so you don’t have to go digging for them yourself. Just be sure to provide accurate, thorough information as you are filling out your return.
Mistake #3: Not verifying your information
Make sure to double-check your personal information after you enter it. This includes your name, Social Security number, and address.
Also, verify any information that was previously in the system from a prior year to make sure it is still accurate.
Review each form for accuracy after you enter it.
Mistake #4: Not reporting all your income
If you have multiple streams of income, make sure you have all your forms to reflect your total income for the year when you file. Non-traditional income can come from various sources, such as freelance work, cryptocurrency, side hustles, or even rental income from property. If you receive your W-2 early, you can start filing, but must wait until your other forms, like 1099s, arrive before completing your return. TaxSlayer will save your information, and you can pick back up where you left off if needed. If you are paid in cash or do not receive a tax form for your alternate stream of income, you are responsible for accurately reporting it yourself.
Mistake #5: Not filing on time
The tax filing deadline is usually April 15th unless that day falls on a weekend. In that case, it tends to fall on the following business day.
- If you don’t file on time and you owe taxes, you will be charged a late filing fee.
- If you’re owed a refund, you will not be charged a fee, but the IRS will hold your refund for up to three years until you file.
- If you file on time and don’t pay your tax bill the IRS will charge you an additional compounding fee for each day it is not paid.
Failure to File penalties will apply if you miss your tax return due date. The IRS will notify you if you owe this penalty. The amount is calculated based on the lateness of your filing and the amount of unpaid taxes due on the original payment date. If you are not ready to file by the deadline, file an extension instead using Form 4868. You must submit the extension request before the tax filing deadline, which gives you will have six more months to file your tax return.
Note: Active-duty military service members may be exempt from all or part of their earnings from federal income taxes while deployed to a designated combat zone.
Mistake #6: Not keeping up with the tax laws
It’s always a good idea to brush up on the current tax rates (federal and state) and to double-check the deduction limits for any of the major tax breaks you count on. We share timely updates on our blog and in our email newsletters throughout the year to keep you in the know – be sure to stay connected with us! As nice as it is to be familiar with your tax situation, the good news is, you don’t have to know the details of the tax code with TaxSlayer. Our always up-to-date calculations account for all updates and tax law changes to ensure your return is guaranteed 100% accurate.
Mistake #7: Not reviewing the PDF of your return prior to filing
Before you press submit, make sure you have reviewed all your information on the summary that TaxSlayer provides at the end of your filing experience. It is always good to double-check, even if you were careful while entering your forms and personal info.
Mistake #8: Entering the wrong bank information
If you choose direct deposit, which is recommended by the IRS to get your refund faster, make sure you enter the correct bank information, including both your account number and routing number. The IRS verifies these numbers to ensure that your refund is directed to the correct bank account. If you enter the wrong information, it can be difficult for the IRS to get your refund to you.H2: Mistake 9: Not claiming the correct dependents
Mistake #9: Not claiming the correct dependents
Make sure you are claiming all your eligible dependents to take advantage of certain tax breaks. Claiming all your dependents can help lower your tax bill in many ways.
Be sure that you are not incorrectly claiming anyone, as this can cause an issue with not only your return, but potentially theirs if they’re required to file.
Mistake #10: Making math mistakes
Math errors are quite common on tax returns and can cause various issues, like delays in processing and incorrect tax amounts. Even simple errors can lead to problems that require extra review. These mistakes can delay your refunds and might even mean you owe more taxes than you expected.
As mentioned, you are responsible for entering accurate information, and we’re responsible for the rest. Simply enter your info and leave the hard part up to us!
Mistake #11: Not filing with a trusted source
You don’t have to be a tax expert to file your own taxes. TaxSlayer does all the math for you, makes sure you get all the deductions and credits you deserve, and reviews your information for accuracy. You’ll also get unlimited phone and email support included. Start for free today.
