Personal Finances: Avoid Pitfalls For This Years 2010 Taxes

By Victor Hatley on April 13, 2010, 6:31 am

As the tax deadline, April 15th for those who didn’t know, draws near people are scrambling to get down to the last line in a hurry. Sometimes, this hurry can lead to disaster. A delayed refund, or an audit that could leave you owing are only the tip of the iceberg you could hit. Here is a short list of common mistakes noted last year by the IRS.

Check Your Math Closely

Go over everything twice, then have another person check. Make sure that the decimals are in the correct positions, and the numbers calculate correctly. Double check your EITC, this is commonly fouled, use the EITC assistant available from the IRS. Also insure that you have used the correct income tables, follow the columns closely to make sure you don’t enter the wrong numbers.

Filling The Forms Out

If there is a line on the form look at it, and fill it in as best as you can. If there is nothing for the entry, then place a slash on the line to indicate that it was looked at. Another big one is insure that all the information you do give them is absolutely correct and easy to read. Incorrect SSNs and addresses, or illegible information could have your return sent to another town or not processed being correctly.

 

When You Mail It

When you are satisfied that you have all the math correct, and your best friend can even read it, it’s time to send it out. Before sealing the envelope you need to make sure that every supporting document necessary is in there, and one last check…signature, date, SSN, etc. If you owe, make sure the payment is enclosed in this envelope, or they’ll come after you! Seal and mail, make sure that the right amount of postage is applied, so the USPS doesn’t have any problems…

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