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The extended tax filing deadline for your personal taxes continues to creep up on us; that extra month is down to only an extra two weeks. With that in mind, it is a good moment to make sure you don’t fall victim to some common mistakes that can cost you money, time, and hassles.
Getting your filing filed:
- Use electronic filing: the tax software applies all updates to the law, checks for available deductions and credits, prompts you for required info, and does the calculations. This is a way to reduce the chance of errors. IRS Free File is a good option if your return is straightforward.
- Also, the pandemic has slowed processing time for paper returns by the IRS, so e-filing should be faster for processing any refunds.
- If filing on paper, make sure you have the right address. Use this link to double check.
- Keep a copy for your records. If you have an issue, it could be invaluable.
Don’t make silly mistakes! Every year, droves of taxpayers face delays and possible penalties resulting from simple slips.
- Get names and Social Security numbers right, including dependents. If someone doesn’t qualify for an Social Security number, provide their Individual Tax Identification Number.
- Double check your bank routing and account numbers for direct deposit.
- Sign and date the return. Yep, this mistake happens a lot. If filing jointly, both spouses must sign and date the return.
- Answer the virtual currency question! It’s rather new and is an easily overlooked item on the Form 1040.
- Report all taxable income. Don’t forget about those 1099s etc.
Lastly, if things are just going wrong and you can’t get your filing together in time, get an extension rather than pay a late filing penalty. You can easily request an automatic extension to October 15 on Form 4868 or on Free File. Remember though, you still have to PAY by May 17, 2021 or face potential fines and penalties.