How To Avoid The Top 5 Tax Mistakes
Make Sure You Sign Your Tax Return
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There's a good reason more than half of Americans pay someone else to prepare their taxes. It's easy to make mistakes.The forms are complicated, confounding and can be downright confusing.Theresa Faison went to the IRS office for tax help. The reality is that a large number of people who file for themselves make errors.Chris Kerns of the IRS said that he sees the same errors year after year. "If you send us a paper return, 20 percent have errors on them," he said. Kearns also listed the top five most common mistakes, and what people can do to avoid them.
- 1. Addition and subtraction errors. "Recheck your math," Kerns said. "The No. 1 errors we see every year are simple math errors that need to be corrected." 2. Social Security numbers that don't match on all forms or for all people. "You have to get your Social Security number correct for you your spouse and anyone else on your return," Kerns said. 3. Claiming a new baby who doesn't yet have a number. "Every dependent you claim on a tax form must have a Social Security number to get the benefit," Kerns said. 4. Forgetting to include interest income, dividends and capital gains. Your bank tells the IRS about every penny you earn. 5. Don't make perhaps the most embarrassing tax mistake of all -- sign your return. One million people each year forget to take that one final, simple step.
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