The most common error on tax returns is mathematical. There are one of the most easily detected by government agencies and can reduce your tax refund or result in you owing more tax than you thought.
Even though you can have a refund directly deposited into multiple bank accounts, it is not necessarily the best option. The more numbers you enter on a tax form, the more chances you have to enter them incorrectly. A wrong account or routing number could cause you to lose your refund entirely. At present there is no IRS procedure for replacing lost electronically transferred funds.
Do no forget to report a required form. If you had a side job this year, for amounts $600 or more you should receive a Form 1099-MISC detailing the extra earnings. If you had savings and investment accounts, you should have received Form 1099-INT and Form 1099 DIV statements for amounts over $ 10. Copies of these forms are reported to the IRS. Therefore, if they are not included with your tax return, you could also owe penalties and interest on the unreported earnings.
Make sure you choose the correct filing status for your situation. You have five options, and each could make a difference in your ultimate tax bill.
Verify Social Security Number for accuracy. Make sure the names associated with the Social Security numbers match Social Security Administration records.
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