4 Common Errors to Avoid When Filing Taxes

Filing taxes isn't something many people look forward to every year. Since related laws are continually changing, the process can be complicated. However, you must still make sure your tax preparation is done correctly to avoid penalties. Learn more about some common tax-filing errors below to ensure you don't make them yourself.

Errors You Can Make When Filing Your Taxes

1. Using the Wrong Filing Status

There are five filing categories to choose from: head of household, single, married and filing jointly, married but filing separately, and qualifying widower or widower with a dependent child. If you choose the wrong filing status, you could receive a higher tax bill or an underpayment. To review which filing status to use, ask a tax preparation specialist for guidance.

2. Not Claiming All Your Income

tax preparationWhen filing taxes, you must claim all the income you've earned during the last year, including money from side jobs and tips. Employers send the IRS the same statements of income they mail you, and if the information on your tax return doesn't match their records, you could face an audit.

3. Missing Deductions & Credits

Before you file, talk with a tax preparation specialist about the types of deductions and credits you may qualify for, such as home offices, higher education expenses, and child care. If you don't claim the deductions and credits you're eligible for, you could pay the IRS more than necessary.

4. Entering the Wrong Bank Information

Filing your taxes online can help you receive your refund in your bank account promptly. However, if you accidentally enter the wrong checking account or routing number, you could face a delay. Be sure to confirm you've entered the correct information before submitting your files.

If you need tax help, turn to the specialists at ZP Tax, Inc. in Silver Spring, MD. They’ve been providing accurate tax preparation and resolution services for individuals and businesses for over 20 years. These professionals have in-depth knowledge of the constantly changing tax code and solid reputations for providing high-quality results. For more information on their services, call (301) 587-4829 or visit their website.