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It's that time of year, when people are getting their taxes in order and preparing to send those forms off to Uncle Sam. Unfortunately, instead of this being a smooth process, it's often a stressful one for thousands who get the dreaded notice from the IRS that something didn't quite sit right with their returns. But, the truth of the matter is that in many cases these taxpayers could have avoided the government's closer scrutiny (and it's not always the notification of an impending full audit) by simply paying a little more attention to their forms before filing them. Here's a look at some of the most common problems found on income tax forms:
Social security numbers. At the top of the tax return is a space for your social security number. Oddly enough, many people either ignore or forget to fill in this information. The federal government identifies you by your SSN, not your name. So, if you don't provide your social security number, your taxes cannot be processed.
Double-check the numbers to make sure that they're correct. It's easier than you might think to accidentally switch a number here or there and when that incorrect information is input at the tax office, the name and number won't match and the form will automatically be kicked back. Also, if you have dependent children who are taken as deductions on your tax forms, make sure that their correct social security numbers are listed, as well.
Name changes. If you've recently changed your name (via marriage, divorce, etc), you must make sure that your social security number and new name are re-associated with each other. If you haven’t already done so, contact the Social Security Administration to make sure your name change is reflected in their records.
Double check your math. It's one of the easiest and most common mistakes made. You were adding or subtracting quickly and one number ended up in the wrong place. There are many small mathematical computations that go into your total financial picture reflected on your tax forms. It's important to make sure that you get all of the numbers right. But, the IRS doesn’t just blindly trust your math aptitude; they do a little double checking themselves. If you've made a major error with your numbers they may not be able to sort it all out, and your tax return may be flagged.
Practice good penmanship. In today's world where more people type (via computer or word processor) than write it's not a major surprise that handwriting quality has taken a downward turn. Not as much weight is put into legible writing these days, but your IRS forms are one place where your penmanship still counts. It's important that the IRS office can read all of your entries. If they have a tough time deciphering your writing, they may toss out your filing completely and send you a notice to redo it. Or, they may enter part of your information incorrectly. You'll then have to spend a considerable amount of time trying to find and straighten out the mistake. You'll also want to eliminate scribbles and erasures by filling out a practice tax return before completing the one you're actually going to send in. A page with a number of eraser marks, indecipherable entries or written-over white out can be difficult to read or interpret, and could lead to filing errors.
There's no denying that tax forms can be confusing, and it's not uncommon that after you fill out one portion you discover something else you forgot to take into account. Make a copy of your tax form (or simply use a piece of notebook paper) and write down everything that needs to be included on the final edition. Double check your answers and make sure you're satisfied with everything you've come up with before transferring those words and numbers to the 'official' form. Although this is a great way to keep things neat on your final form, you must be extra careful when doing it. There are many, many lines on a tax form, and putting an entry from your rough draft in the wrong area of the final document can create considerable difficulties when the IRS inputs it into their system.
Of course, the vast majority of these types of problems can be quickly done away with by online tax software and electronic filing, which more and more people utilize annually. It's typically faster and easier than relying on pencil and paper, and you don't have to worry about trying to knock the rust off of your math skills once a year.
Keep your forms together. When sending in your taxes it's not only the IRS forms that you have to mail in, but also all of your W-2s and any other tax-related documents that will back up the numbers you've declared. Make sure these documents are attached to your form, keeping in mind that someone at the other end is going to have to input your information into the IRS system. Don't add more work to their job. Organize your supporting tax documents neatly and attach them all to the front of your tax form. (Again, electronic filing will generally take care of these things for you.) Read every part of your filing carefully and double check your work to make sure that everything has been entered correctly and all things are in order.
Sign your tax return. It may well be the relief that's experienced after getting through the ordeal for another year, but one major oversight made by people when filing their taxes is that they forget to put their signature on it. It's very important that the IRS have your signature to verify that you've filled out the entire document and are willing to testify everything in it is the truth. Without your signature the form will automatically be rejected and you'll have to resubmit it, which will only cost you more time (and, possibly, a few extra dollars in late fees).
