Filing tax returns is a laborious and complicated task that we have to perform every year. There are some simple mistakes that are often made by people while filing tax returns, which can lead to delays in refunds, extra procedural formalities, hassles and stressful meetings with an IRS representative. The good news is that you can avoid this headache by following some simple guidelines.
Firs of all, check your social security number in the form, as your return will be rejected if the number is incorrect. Also, use the address labels that were sent by the IRS and make corrections on the label if needed. If you did not get a label that could be peeled off, then put all the required information in clear handwriting. A wrong address can cause serious problems like delays in returns or misplacing of IRS correspondence and refunds.
Double-check the tax bracket that you have applied. It will depend on the tax year as well as your filing status. You should tick only one filing status so that there is no confusion, and select the correct exemptions that apply to you. If you do not select the right filing status, then you might be included in the wrong tax bracket and miss out on various exemptions.
Make sure that you have attached all the documents, forms, schedules and receipts that are needed to verify your tax returns. If there was any withholding tax, then attach W-2, Wage and Tax Statement, and other forms. If you owe money, then you have to include a check or money order along with your Social Security number, tax form number, and tax year.
Most taxpayers will be eligible for some tax credit this year, as the Federal government had launched many programs to lift the economy out of the recession. Check that you have included correct information about any credits that you are claiming. Make sure that you are eligible for that credit and that you have calculated the amount correctly. You might have to include documentary evidence for some tax credit schemes, so ensure that all the paperwork is in order.
Complete the process of filing the tax returns by signing and putting the date on the returns. Filing your tax returns carefully and meticulously will ensure that you do not have to go through hassles at a later stage.