Common mistakes filing your tax return

ROCHESTER, NY (WROC-TV) - CPA Dave Young of the New York State Society of CPAs discussed some of the most common mistakes made when filing your income tax return Monday on News 8 at Sunrise.

Here's a list of what Young discussed, and some additional mistakes he said should be avoided:

Incorrect filing status recorded

Young said, "So what you see is a single person, and maybe they have a child with them, and they say 'well, my marital status is single.' Well, your marital status may be single for dating purposes, but for IRS purposes you're head of household. You might be missing out on some, you might be paying more tax to head of household, which is a much better benefit than being single. It's the number one mistake that I see."

Math errors (an incorrect number entered on the return, with or without a calculation)

Incorrect Social Security Number

Young said, "Maybe a person gets married, and didn't change their name with Social Security, it will bounce back. Or maybe you don't put the right name in that matches the Social Security card. That will bounce back."

Return not signed

Claiming ineligible dependents

Failing to claim credits (for example Child Tax Credit, Earned Income Credit)

Failure to take into account new laws

Failure to report and pay domestic payroll taxes (for example if you are employing a house cleaner, in-home caregiver, nanny)

Forgetting to claim income that's not included on a Form W-2, Form 1099 or other return

Not filing a return when due a refund

Failing to determine whether you're liable for the Alternative Minimum Tax (AMT)

Entering the wrong amount of taxable Social Security benefits

Mailing your return to the wrong address

Standard deductions used when itemizing is more advantageous

For more information, visit the New York State Society of CPAs website, click here.

 
 

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