Preparing Individual Tax Returns: Top Five Errors

Before filing your tax return, you should review it to make sure it is correct and complete. Here are the five most common errors on an individual tax return:

1. Incorrect or missing Social Security numbers.
2. Incorrect tax entered based on taxable income and filing status.
3. Withholding and/or estimated tax payments entered on the wrong line.
4. Math errors in addition and subtraction.
5. Computation errors in figuring out the taxable income, tax credits, standard deduction for age sixty-five or over or blind.

These are just few of the most common errors on a tax return – there are many more possible. The strong possibility of committing these errors make is imperative to review the entire tax return prior to filing it with the IRS. Remember, any errors on a tax return may result in processing delays and hold up any refund you may be entitled to.