Tax Filing Do’s and Don’ts
There a few things people dread more than filing their taxes. But we’re here to help. We talked to the experts at The Tax Institute at H&R Block and TurboTax to get tips to avoid making mistakes when filing your taxes.
Remember All Forms
Double check to make sure you include all necessary documents in your filing, such as form 1120 the U.S. Corporation Income Tax Return or a 1045, the form for a tentative tax refund, advises the Tax Institute at H&R Block. Any missed tax forms and supporting documentation will result in a returned filing.
Take Advantage of all Tax Credits
H&R Block recommends filers review the latest government documents to avoid missing tax credits and deductions such as student loan interest, job search expenses and mileage incurred during business travel or charitable activities. (copyright 2008Sean LockeDigital Planet Design)
Know the Latest Regulations
It’s important to be up-to-date on the latest government regulations. According to The Tax Institute at H&R Block, failure to take into account new tax laws, such as the Tax Relief Act passed in December 2010 could impact your return.
Double Check All Returns
TurboTax reminds you to review your return, particularly when there is a lot of much money up for grabs, mistakes can be costly. (Reuters)
Know the Latest Regulations
It’s important to be up-to-date on the latest government regulations. According to The Tax Institute at H&R Block, failure to take into account new tax laws, such as the Tax Relief Act passed in December 2010 could impact your return. (Damir Cudic)
Don’t be Scared to Ask for Help
Electronically filing your taxes significantly reduces your chance or errors and expedites the return process. Manually-completed tax documents are 20 times more likely to have errors, according to the IRS. (Reuters)
Double Check Your Social Security Number
It sounds simple, but taxpayers should double check every place they fill out their Social Security numbers. The IRS will reject your filing if there are any discrepancies. TurboTax recommends making sure names match the names used last year and/or match the Social Security Administration records.