The Internal Revenue Service (IRS) is quite familiar with several errors taxpayers make on their tax returns. While errors may be picked out by the IRS, many can be corrected by taking a few moments to thoroughly review your return before you submit it. Errors found on a tax return may delay processing. The following items are most common errors that are detected by the IRS:
• Social Security number information is missing or incorrectly written.
• Tax information is incorrectly documented based on filing status and taxable income.
• Calculations errors for computing taxable income, Earned Income Credit and withholding of estimated tax payments.
• Incorrect or missing data for child care providers for child and dependent care credit.
• Estimated tax payments and withholdings may be entered on the wrong line on the tax form.
• Addition and subtraction mathematical errors.
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Additionally, there are other common errors that are made upon filing a tax return worth noting:
• The wrong filing status is claimed. Make sure you meet the requirement for the chosen status.
• Forgetting to date and sign your income tax return. The IRS may not consider your return officially filed without a signature.
• Having dependents that are ineligible to be claimed. Review qualifications for claiming a dependent and make sure each person has a Social Security number when claiming.
• Neglecting to report all earned income. Even if you don’t have a W-2 or a 1099, you are required to report all income earned during the tax year for which you are filing.
• Filing the wrong tax form. It is important to use the right form and make sure paperwork corresponds to the correct year. The IRS provides information on which forms are needed to file.
• Self-employment tax was incorrectly calculated or not filed at all. There is a Schedule SE form that is needed to help you report self-employment tax.
• Not waiting until 1099 and W-2 information is received. If you are expecting a refund, you may be tempted to file without your 1099 or W-2 information. Using your last paystub may not have all information needed to properly file your tax return.
• Estimation of deductions. If you document expenses including medical payments and charitable contributions, you should have a solid amount to enter on your return. Keeping accurate records will help support your claim should the IRS challenge your submission.
Alex is a financial journalist and writer. He spends most of his days writing about mortgages and credit cards. He also writes a blog for Coupon Croc .


October 9th, 2011
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