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Home Finance

Common Mistakes People Make In Tax Preparation 

by Clare Louise
March 19, 2022
in Finance
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Common Mistakes People Make In Tax Preparation 
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Tax filing can certainly be a complicated task. If you have an income that falls under the tax bracket, you are obligated to file your taxes. As tax day keeps coming closer, people rush to arrange their documents. This rush can often result in costly mistakes, which may even result in hefty fines. 

Preparing a tax return involves various potential errors, especially if you have little knowledge about it. The tax system is complicated and learning about it from Google is not enough to protect yourself from liability. It is better to hire Atlanta tax services to ensure everything goes right. 

Common mistakes people make in tax preparation 

  • Wrong or missing social security numbers. 

Writing the wrong social security numbers is one of the most common errors during tax filing. Countless people attempt to remember their child’s SSN and end up writing the wrong numbers. When you are filing taxes, it is not the time to guess. Even if you are sure that you remember the numbers, do not forget to double-check them before submitting. 

  • Choosing the incorrect form. 

Choosing the incorrect form can make all your work go to waste and delay the process. In some cases, it can also put you at risk. When filing your ITR in Atlanta, make sure you select the form based on your income category. If you fill out and submit the wrong form, the income tax department can accuse you of withholding information and under-reporting income, which is a serious crime. 

  • Wrong names. 

You may be surprised to know that there are many people who misspell names on the forms. However, not all of them are on purpose. Your tax return should contain the names on your Social Security card. Now, suppose your spouse has a wrong spelling on their card, and you enter the right spelling of their name on the tax form. Here, the conflict will arise because the name on the card does not match the one you have mentioned. 

  • Selecting the wrong assessment year. 

You might be thinking that you are smart enough to choose the correct year. However, many people get confused about the assessment year and select the wrong one. This can lead to penalties. 

  • Math mistakes. 

One thing you need to take care of is math. To simplify, the numbers on the first couple pages of your tax return should add up. It is easy to make a mistake when dealing with so many numbers. So, take your time and double-check everything. 

Clare Louise
Clare Louise
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