The combination of deductions, withholdings, credits is a real headache especially when the tax filing deadline is fast approaching. This is one of busiest moments in the entire years since it’s never an easy task to do. You have to fix some documentation errors if applicable and prepare all forms needed in the filing. With this, before you finally click “File” online or sending the documents in the mail to the IRS, you need to make sure that you did not commit one of the common tax filing errors below:
No one is perfect so it is definite that you can commit a mistake when filing. The good news is imprisonment will never be a consequence when you have committed filing your tax. There are some other consequences for mistakes or inconsistencies on the filing. To avoid this, make sure to be accurate on all the tax information you fill out in the form.
Never leave out a deduction or tax credit or supporting documents. Make a checklist for you to avoid filing an incomplete tax form. You need to double check if all the documents required have been included in the envelope. Though a lot of online tax services can provide complete tax filing, you don’t have to think that all is perfect. The rule is never forgotten to have a last glance on all the paperwork you have inside the envelope.
This is a serious act. Never falsify your tax documents. Do not plan to defraud the government because this is an absolute no-no in the IRS. It is best to be honest when filing your tax because the IRS takes tax evasion or fraud seriously.
File your tax as early as possible. Make sure to file on or before the deadline. Though it’s not a huge mistake to file after the deadline, you cannot run away from interest or penalties. The deadline is not extended.
This is your responsibility so do not forget to prepare all your tax documentation. This is part of your priority as a business owner or an employee. The IRS will know if you file or paid your taxes. If you plan not to file then you are definitely be charged with interest and penalties. The IRS can get your future wages or tax refunds as the payment instead. With this, filing your tax payment on time is still the best thing to do. Moreover, you can hire an experienced tax lawyer to assist you in tax filing.