New Tips And Triks For You

We all make mistakes. It's especially easy to make mistakes at tax time because you're feeling rushed and sometimes, a bit overwhelmed. Mistakes can sometimes turn into problems, especially when taxes are involved.

Each year, the Internal Revenue Service identifies some of the most common mistakes taxpayers make when filing returns. There's no need to fall victim to those mistakes. Here are 11 tips to help you file a last minute (mostly) flawless tax return:

Slow down. Unless you're reading this on April 16, you're not late yet. There's still time. Don't get excited and fly through your return: you'll only make mistakes. Check your math. If you're using tax software or a tax professional, chances are that the calculations on the return are correct - but those numbers are only as good as what you've provided or inputted. Double check that your expense totals and other data makes sense. Run those numbers on receipts one more time and make sure that you didn't double (or under) count. Now check your numbers. It's easy to transpose numbers - even when you're using software. Check Social Security numbers (and check them again) since even a single digit out of place can delay processing your return. And if you're using direct deposit, make sure the financial institution routing and account numbers entered on the return are accurate. Incorrect account numbers can cause a refund to be delayed or worse, deposited into the wrong account. Don't skip questions. Make sure that you answer all of the questions on your tax return. If you're not sure whether it applies to you, read the instructions. Sometimes, something as simple as not checking a yes/no box can delay the processing of your return. Write neatly. If you're hand writing your return - or writing out the address on an envelope - make sure it's legible. Just because you know what you want it to say doesn't mean that others do. Sign your return. You'd be surprised how many taxpayers skip this step: they're just so glad to be done that they pop their return into the mail without a signature but remember, a tax return is not considered timely filed if you don't sign it. If you're filing a joint return, both spouses must sign. If you're signing under a Power of Attorney, make that clear and attach any paperwork. If you're e-filing, make sure you sign any required paperwork or sign electronically (using a PIN or other method). Use the right mailing address. Not all returns go to the same mailing address. Where you file depends on the kind of return, whether you owe taxes and what kind of delivery service you're using. Read the instructions carefully (this might help). Send in the right forms. If you're filing by paper, attach your forms W-2, 1099-R and any other required forms (generally, those showing tax withholding) to the front of your returns. All other necessary schedules and forms are attached to the back of the form in the order indicated in the instructions. Don't forget your check! If you owe tax and you are paying by check or money order payable to "United States Treasury," be sure to mail it with a federal form 1040-V to the address show on the form (downloads as a pdf). If you would rather bypass all of that, you can pay using a credit or debit card - or via the Electronic Federal Tax Payment System. Keep good records. Once you've gotten all of your tax information together and are ready to file, don't fall down on the job: make a copy of your signed return together with all of the forms and schedules. Keep copies together with your original documentation (like charitable receipts) that you don't need send to IRS. Throw in the towel. For now. If you aren't going to be finished by April 15, that's okay. You can request an extension of time to file. There's no shame in it - about 10 million taxpayers do the same thing every year. Just remember that an extension of time to file is not an extension of time to pay: if you're going to owe, go ahead and send a check in with your extension request.

Finally, take a breath. It's just one day. Nearly 140 million taxpayers get through Tax Day every year. You will, too.

-

Want more taxgirl goodness? Pick your poison: receive posts by email, follow me on twitter (@taxgirl), hang out with me on Facebook or check out my YouTube channel. If you want to keep an eye on documents I've posted, check out my profile on Scribd. And finally, you can subscribe to my podcast on the site or via iTunes (it's free).