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The 5 Most Common Errors When Filing Your Tax
Return With The
IRS:
1) THE NUMBERS
DON'T ADD UP! Yes, it's true. The biggest problem the
IRS has when checking tax returns is the math is wrong!
And 99% of those incorrectly calculated tax returns are
prepared by hand. (HINT: Make sure you file
your tax return on a computer generated tax form. Just
this alone will reduce many silly mistakes, increase the
efficiency with which your tax return gets accepted by
the IRS and drastically lower your chances of an IRS
audit compared to a return prepared
manually.)
2) SOCIAL SECURITY
NUMBER(S) ARE WRONG! You would think something as simple as
inputting a social security number onto a tax form would
be the easy part of preparing a tax return. Well, while
it is easy, it still is the second biggest problem the
IRS has. If your S.S. #, your spouses' and even your
kids' nine digit number is off just by one number, the
whole tax return is going to get rejected by the IRS,
therefore delaying your check. (* NOTE: Taxpayers NOT
electronically filing their tax return leave themselves
vulnerable to IRS employees making input errors on their
tax return.)
*This is
especially frustrating when you have been careful to get
all of the social security numbers correct on your tax
return and some "key punch" operator makes a mistake
which causes unwanted delays on the acceptance of your
tax return.
3) INCORRECT CLAIMING OF
DEPENDENTS! There are so many stipulations for who
or whom you may or may not claim as a dependent that it
is only logical this is a major problem area for people
trying to file their taxes with the IRS. A common
dependent not claimed by families is an elderly parent
living in the home. Another common dependent problem
happens when a person tries to claim head of household,
but does so with unqualified dependents. No matter what
your situation is, re-review the "Personal Exemptions
& Dependent" sections in your federal tax
booklet.
CAUTION: The
IRS will throw the book at you for getting this one wrong.
Many dishonest people try and fraud the government in this
area.
4) EARNED INCOME CREDIT
VIOLATIONS! This is another major area where fraud
takes place in our tax system and the IRS is cracking
down more than ever! In addition, the IRS has changed the
definition of a "qualifying" child. (YOUR eligibility may
have changed for the better or worse.) If you think you
qualify for the EIC, read over this section carefully in
your IRS booklet. The interesting part about EIC
qualifications is there are so many NEW LEGAL ways to
receive this credit, many people file their
taxes unknowingly and leave hundreds (and sometimes
thousands) of dollars unclaimed that's supposed to be
theirs!
5) NEW CHILD TAX
CREDITS! This one is not in the IRS's top 5
biggest mistakes yet, but in my opinion, by next year it
will be one of the biggest reasons so few families
actually filed their taxes correctly to receive this new
credit. The forms are extremely complicated and most
taxpayers will need a computer software program just to
get the math right.
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And by the way. If we ever do make a
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Harry James, James
Financial Services
152 Newtown Road Suite 102
Virginia Beach, VA 23462
Phone:
757-490-7700
FAX: 757-499-2079
Web Site: www.taxdesigns.com
E-mail: jfs@visi.net
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