How to Avoid the Most Common Mistakes During Tax Season

Tax season is upon us, and before you scramble to file an extension because you've been procrastinating filing your taxes, it might be wise to take some time to do it right--the first time. Mistakes on your tax return can lead to multiple problems with your refund or payments; you might miss some valuable deduction or exemption opportunities, or end up overpaying without catching the error. If you're not sure how to get started in tax preparation, take some time to review current software programs and websites; these can walk you through the process step-by-step, and can even highlight errors as you go. Still, if you insist on completing your tax paperwork by hand this year, here are the most common mistakes to look out for. After the whole affair is over with, you'll want to make sure that:

--You are entering taxable income, tax deductions, and tax credits on the right lines. If you don't double check this, the final calculations won't be accurate and you'll only lose time trying to track this down.

--You're filing the right tax form! Read the guidelines for the 1040EZ, 1040, and 1040A to find the correct form for your status and needs.

--You entered all tax withheld on your tax return. Many people overlook this, or don't provide enough information that can lead to overpayment.

--You're taking the standard deduction and indicating it appropriately on Line 40; this is an easy one to miss

--You're checking off all the right exemption boxes, including dependents claimed and totaling them accurately at the end

--Your social security is legible and is exactly the same as your social security card(!)

--You put a bracket around any 'negative' amounts on your return. If you prepare your return with a computer program or strictly online, this will happen automatically.

--You've attached a check for tax payment, and it's a valid bank account. You will have to pay fees and penalties if this payment does not go through.

--You've attached all Form 1099s and additions to your return as supporting documents.

--You've included all names and social security numbers for yourself, your spouse, children, and any dependents. This is essential for qualifying for the right tax credits.

--You checked only one filing status

--Made a copy of the signed tax return and all of your tax schedules. Paperwork is your friend--at least when you are doing your taxes.

Even though this might be a stressful time of year for your financial matters, turning in the right documents and paperwork to the IRS is a top priority. Don't procrastinate until April 15 to get your filing done; just double check your work, and avoid the most common mistakes!