Here’s a simple fact; no matter who does your tax return YOU are going to be liable for any mistakes, errors of omission or flat-out fraudulent info that’s on it. The reason; it’s got your signature on the bottom. When you sign you’re basically saying that everything in your tax return is correct and the truth. Conversely, if it’s not the truth the IRS is going to want to know why and going to want some money. With that in mind we put together a Blog to help you make sure you return is blemish free and the taxman don’t come a’ knocking. Enjoy!
Checking your name may sound silly but even 1 wrong letter can mean a big problem. If you recently got married make sure the IRS knows your new name already so that they don’t mistake you for someone else too.
Check all Social Security numbers. Again this may seem trivial but there have been thousands upon thousands of problems cause just by the mixing of a few simple numbers. Check everyone who is on the tax paperwork for accuracy.
If you pay alimony make sure that the number that you put down and the number that you X spouse is using match. If they don’t the IRS will want to know why and come asking questions.
Of course make sure that all of your deductions are itemized correctly, especially if you’re over 65 years old or blind. If you have very high medical bills or don’t own a home you may not need to itemize.
The IRS knows that one of the common abuse areas on tax reports are Child Tax Credits, Earned Income Credits and Education credits because these are refundable credits. That means that you will get something back even if you didn’t pay anything in. They will also slow down the speed at which you get your refund, if any, so make sure they’re legit.
One of the most common errors that people, and ‘experts’, make is with the withholding taxes and, in many cases, the Social Security withholding money is put in its place. Another thing to look for, if you had more than 1 job and exceeded the SS contribution limit, is to make sure the IRS picks up on it so you get what’s coming to you.
Finally there are the refunds. If you use the direct deposit feature, which will be the 1st of only 2 options this year, make sure your bank account info is PERFECT and that the account is OPEN. If you put the wrong number and it goes to someone else you will have to sue them to get it back because the IRS won’t help you.
As you can see, checking and then re-checking your tax return is an awfully good idea that, if not done well, could have awfully awful results.