When Is the Last Day You Can Send in Federal Income Tax Returns?
Michael B. Sauter
Considering of the disruption caused by COVID-xix, the IRS has extended the deadline for filing individual tax returns from April 15 to July fifteen. U.S. states have followed suit, with the majority moving their deadline to July 15 also, and a few setting other dates afterward in the spring and summer. For many Americans stuck at abode and struggling to continue their life in lodge, the deadline extension came as welcome news.
IRS audits are down compared to previous years. In fiscal 2019, the IRS audited less than 0.5% of individual revenue enhancement returns. While that figure is much lower than in years past – it is about one-half of the rate in 2010 – there are some common mistakes that are more probable to prompt an inspect or filibuster a return.
The IRS lists several common errors filers make each year on its website. The errors vary in complexity from failing to correctly summate a deduction to merely declining to sign and date the return or using the wrong postage. While some of these mistakes seem obvious and easily avoidable, they are common enough that the IRS lists them every bit issues.
A great many of these errors can be avoided simply by filing electronically, equally the vast majority of Americans at present do. Even when east-filing, still, many of the mistakes the IRS lists remain common. Many of these can be lumped into the category of simply declining to fill in the correct boxes or the correct figures or forgetting to include the various deductions, credits, and allowances. Avoiding these mistakes can aid ensure getting your refund without much hassle.
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The near common tax filing mistakes
These are 19 of the most common mistakes Americans brand while filing their tax returns.
19. Failure to make a copy of signed return
It is important to make a copy of signed tax returns equally many common types of loans, including mortgages and student loans, require by tax information. If filers are missing copies of previous returns only need i, the IRS tin can send a copy for $50 each. Keeping copies of your returns on tape can also be very handy in the outcome of an audit or if you need to amend a return.
18. Failure to double-check routing and account numbers
While this may seem obvious, information technology is one of the more common mistakes Americans make when filing their taxes. Cyberbanking and routing numbers with errors tin go far difficult for the IRS to issue a refund via straight deposit and tin delay your refund past months.
17. Failure to include all necessary information on checks or money orders
If filers owe the IRS money and they aren't filing electronically, they must include a payment – check or money lodge payable to the "U.s.a. Treasury" – that includes proper noun, address, social security number, daytime phone number, tax form, and the tax year on the payment.
16. Sending in return with inadequate postage
If you lot are non one of the bulk of Americans who file their taxes electronically, brand certain yous accept the correct postage on the envelope when y'all ship in your taxes. Otherwise, the postal service volition return information technology to you, putting you at run a risk of missing the new July 15 filing deadline.
xv. Sending your return to the wrong IRS office
There are different IRS office addresses for specific regions and types of tax documents. If you transport your return to the wrong IRS role, potentially delaying your refund, y'all are not alone. Using the wrong IRS address is one of the nigh common mistakes Americans make each year.
14. Arranging tax documents in the incorrect social club
Errors on your revenue enhancement return, including something as simple as failure to organize documents in sequential order, tin result in a delayed refund. Make sure to utilise the sequence numbers on the documents to maintain the right order.
xiii. Failing to attach 1099-R forms
1099-R forms are used to merits retirement plans, pensions, and annuities withheld over the form of the year, or used to study funds that were withdrawn from an IRA. Some of these funds can be treated as income, bumping filers into a higher subclass. Failing to study these payments and withdrawals tin event in an inspect.
12. Failure to include all W-ii forms
The IRS requires taxpayers to include an official re-create of their W-2 forms from their employer or employers, if they accept more than than i job. Wages and withholdings noted on these forms must be combined and reported on the tax render.
11. Failure to use Identity Protection PIN (if applicative)
An IP PIN is a half dozen-digit number assigned to eligible taxpayers to help protect against fraudulent use of their social security number. While not anybody is eligible for a pivot, those who are must follow split tax filing instructions specific to IP PIN holders. Visit this page on the IRS website for details on who is eligible, which localities are using them, and how to get yours if you believe yous should have 1.
10. Failing to sign and date return
One of the simplest and about of import steps while filing is signing and dating the return – and have your spouse sign and date if you are filing jointly. Unsigned and undated returns cannot be accepted and will be sent dorsum for signing.
9. Using incorrect column from the revenue enhancement tables form
If you are calculating your own taxes, you will likely demand to refer to the 1040 Tax Tables document to brand the calculations. If yous are non looking in the column applicable to you, however, you could easily miscalculate. While this may sound obvious, the IRS reports it as i of the most common mistakes.
viii. Failing to claim the right deduction if over 65 or blind
Those who are blind or over 65 are entitled to specific deductions, just filers must apply a chart found on the 1040 or 1040A forms to decide the right deduction. Co-ordinate to the IRS, people claiming these deductions frequently misuse the tables and list the incorrect amount.
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7. Failure to enclose negative amounts in brackets
This common mistake can have potentially serious consequences. If negative figures are non noted in brackets, they may exist misinterpreted by the IRS as positive numbers and result in additional taxes.
half-dozen. Incorrectly computing deductions and credits
Tax deductions, such equally charitable donations, effectively reduce taxable income, while tax credits directly reduce taxes owed. Miscalculations could consequence in overpaying the IRS.
5. Entering income on the wrong lines
One simple and easily avoidable error that will certainly raise eyebrows at the IRS is income entered in the wrong box.
4. Failure to correctly list all dependents
Taxpayers must list all names and taxpayer identification numbers for each person listed on the return. If the tax filer is using social security numbers, the corresponding names must appear exactly equally they do on the corresponding social security card.
3. Failure to correctly declare exemptions
In society to benefit from spousal and dependency exemptions, the IRS requires sure information. For spousal exemptions, both yous and your spouse's age also as the gross income amounts must appear. For dependents, taxpayers must disclose their relationship to the dependent and the amount of back up provided.
2. Choosing the incorrect filing status
Filing status is used to determine sure filing requirements, deductions, and credit eligibility. Despite being essential to correctly filing taxes, choosing the wrong filing status remains a relatively common mistake amongst American taxpayers. The five filing statuses are: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child or children.
1. Taxation render is illegible
It should come every bit no surprise that if the IRS cannot read your proper noun, taxpayer ID number, or accost, agents cannot process your return. Nonetheless, illegible penmanship is a common problem among those who do not file electronically.
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Source: https://www.usatoday.com/story/money/2020/04/20/taxes-2020-the-19-most-common-tax-return-mistakes/111555230/
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