CPA Dave Young of Young and Company discussed some of the common mistakes people make when filing their income tax return Monday on News 8 at Sunrise.
Young said the biggest error he sees each year is an incorrect filing status. He said sometimes people get “Head of Household” and “Single” confused. Your marital status could be single, but if you’re single and care for children for greater than six months of the year you qualify as a “Head of Household.”
Young said other common mistakes made when filing an income tax return include:
Failing to report additional income
Failing to claim credits such as a child in college and dependents under 17
Failing to claim deductions such as mortgage interest, real estate taxes and charitable contributions
Math errors that carry through an entire return and produce incorrect calculations
Failing to account for subsidies/penalties related to health care coverage
Young advises comparing this year’s return to last year’s return as a way to catch missed information and avoid common mistakes.
For more information about Young and Company, click here.
For more information about the New York State Society of CPAs, click here.