10 Common Tax Mistakes To Avoid

As a CPA firm in Wilmington, NC we have seen a lot of the mistakes that people can make before they get professional help.  Here are some things to watch out for:

1. Not Filing on Time

·         Individual Tax Return: 4/15 or 10/15 if you file an extension

·         Partnership: 4/15 or 9/15 if you file an extension

·         S-Corporation: 3/15 or 9/15 if you file an extension

2. Missing or Incorrect Information

·         Social Security numbers

·         correct spelling of names

·         life changes (marriage, divorce, children, purchase a home, etc.)

3. Math Errors

4. Falling Behind on Latest Tax News

5. Missing Tax Breaks/Deductions

·         Child Tax Credit, Dependent Care Credit, Charitable Donations, Tuition Credits, etc.

·         Make sure you are using information from the correct tax year.

6. Filing With Wrong Status

·         Married (Filing jointly or separately)

·         Single

·         Head of Household

7. Direct Deposit and Bank Account Information

8. Forgetting to Sign and Date Forms

9. Ignoring IRS/DOR Correspondence/Tax Documents

·         Notices

·         Tax Forms

10. NOT FILING AT ALL