12 Common Tax Errors to Avoid
Filing taxes can be a tedious process. If you plan to do it yourself, either online or with an old-fashioned pen and paper, it can be all too easy to make mistakes. If you aren’t familiar enough with the tax code to take advantages of available tax breaks, you could lose money. Clerical errors and math mistakes can lead to tax audits, late fees and even jail time for tax fraud. Avoid the following common mistakes to ensure that you get through tax season unscathed.
- Choosing the wrong filing status: Choosing the correct filing status is important because tax brackets, deductions and credits vary for each status. You may fare better filing separately even if you’re married, so make sure to calculate both scenarios before choosing a status. You should also consider filing as Head of Household if you’re single and have a dependent living with you. Your filing status is based on your status as of Dec. 31 of the filing year.
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