6 Common Mistakes to Avoid This Tax Season

Taking time to avoid these errors ensures an accurate tax return and expedites the receipt of any refunds.

PUBLISHED MAR 12, 2024

Cover Image Source: Getty Images | Photo by Scott Olson

Tax season can be a stressful time for many Americans, with approximately 32% expressing dread about the entire tax process, according to the Pew Research Center. However, making errors while filing taxes can have significant consequences, ranging from delayed refunds to potential penalties and interest fees. Here are six common mistakes to avoid during this time:

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Ensure You Have All Necessary Documents

"While you can fix many mistakes on your tax return after filing, it’s far better (and more convenient) to get it right the first time around. You don’t want to amend your return unless you have to," says Luis Rivero Vazquez, a CPA and Director of Tax at Taxfyle.

Before filing taxes, ensure you have received all the required tax documents, such as W-2s and 1099 forms, which detail income earned during the tax year. Failing to include all relevant information could result in inaccurate tax calculations and potential under- or overpayment of taxes.

Double-Check Credits and Deductions

If you claim tax credits or deductions, verify that your calculations are accurate. "The most common mistake that you’ll see is that a taxpayer will go to an accountant or go to do their taxes through a self-preparing mechanism and they’ll do it without everything they need," says Vazquez.

It is advised to use tax preparation software or calculators to minimize errors, but remember that software relies on accurate input data. Moreover, review all eligible deductions and credits to avoid surprises from the IRS.

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Review Your Entire Return

Carefully examine your tax return, paying close attention to key figures such as adjusted gross income, charitable contributions, and tax payments. Whether you prepare your taxes yourself or seek professional assistance, thoroughly review the entire return to ensure accuracy.

Confirm Your Filing Status

Selecting the correct filing status is important, as it can significantly impact your tax liability. Choose from options such as single, married filing jointly, married filing separately, head of household, or qualifying widow or widower. Ensure your filing status reflects your current marital and household situation.

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Sign Your Tax Return

"You shouldn’t just sign it. As a person, I’d want to know 'Did this agree to an extent with what I was expecting?' If it doesn’t, can the CPA or the EA explain to me why was I wrong?" Vazquez says.

An unsigned tax return is not valid, so ensure you sign your return before submitting it to the IRS. If filing jointly, both spouses must sign the return. Failure to sign the return could result in processing delays or rejection by the IRS.

Verify Acceptance of Your Return

After filing your tax return, confirm its acceptance by the IRS. Utilize online tools such as the IRS's Where's My Refund tool or create an online account with the IRS to track the status of your return.

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"Get a confirmation that your return got filed on time and that you have something that says your return with your Social Security number got accepted," Vazquez says.

Ensuring the accuracy of your tax return is crucial for expediting the receipt of your tax refund. Take the time to thoroughly review the entire return, paying close attention to common mistakes or inaccuracies outlined previously.