Common tax filing mistakes

- CPA David Young discussed some common mistakes that are made when filing income tax returns Monday on News 8 at Sunrise.

Young said one of the most common mistakes he sees is when people file as a Single Taxpayer when they qualify for the much more favorable Head of Household filing status.

He said many mistakes are errors of omission or computation, which often fall into the IRS category of math errors, as defined by an incorrect number.  Other common mistake are an incorrect social security number, or name that doesn't match the number, incorrect or missing forms and schedules, and filing a return that is not signed.

In some cases, Young said a filer will claim an ineligible dependent or fail to claim at tax credit, such as a child tax credit or earned income tax credit, or figure a credit incorrectly.

Other common mistakes include:

Failure to take into account new tax laws
Failure to report and pay domestic payroll taxes
Forgetting to claim income that's not included on a W-2 or 1099 form
Not filing a return when due a refund
Failing to figure out whether or not you're liable for the Alternative Minimum Tax (AMT)
Entering the wrong amount of taxable social security benefits
Standard deduction used when itemizing his more advantageous

Also, Young said New Yorkers should keep in mind, they are required to electronically file your return if you use software to prepare your personal income tax return, your software supports electronic filing and you have broadband internet access.

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