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Don’t make these 10 common tax return filing errors

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in Small Business Tax,Small Business Tax Deduction Strategies

Nobody’s perfect, but any mistakes you make on your tax return can come back to haunt you in penalties, interest and missed opportunities. What are the 10 most common errors? Here’s what the tax pros say:

1. Fuzzy math: By far the most common tax return mistake is faulty math: numbers transposed, omitted or added/subtracted incorrectly. And entering a math error on other parts of your return can have a domino effect. Even if you use tax software, you’re not immune: You may have entered the wrong numbers in the first place.

Tip: Check and then double-check all entries.

2. Incorrect ID numbers: These nine-digit identifiers are the “passwords” to your return. It’s easy to write down the wrong identification number for you or your spouse. And don’t forget to check ID numbers for dependents.

Tip: A mistake here could delay your refund or, even worse, cost you a credit or a deduction.

3. Discarded IRS labels: If yo...(register to read more)

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