WSJ: Take These Steps While Doing Your Tax Return to Avoid Costly Mistakes, IRS Audits
It takes an average of nine hours for people to do their taxes, which is more than enough time to make a mistake or two, writes Ashlea Ebeling for The Wall Street Journal.
Filing errors range from forgetting to report interests to making a math mistake and much more. If the IRS catches those mistakes before you, your tax season can quickly turn more costly and time-consuming. If the blunder is big enough, it can even trigger an audit.
While there is no foolproof way to submit a flawless return, tax pros advise that the best way to avoid mistakes is not to rush. Take your time to gather key forms and other documentation, as one of the most common mistakes among filers is starting the process without having their tax forms on hand. This includes W2 wage statements and 1099s for other income.
“I always suggest people look at their previous year’s return to look for what they might miss,” said Beth Logan, an enrolled agent in Cheltenham.
In case you do catch a mistake after the filing deadline, you can submit an amended tax return yourself, without waiting for the IRS. The sooner you pay any owed taxes, penalties, and interest, the less you will owe in total.
Read more about the few steps you can take to avoid the most common Income tax filing errors in The Wall Street Journal.
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