Top 7 Tax Mistakes To Avoid - WSPA.com

Top 7 Tax Mistakes To Avoid

Posted:
By Diane Lee

Number 7:  High Charitable Deductions

Rhonda Lee with Liberty Tax in Spartanburg says lots of taxpayers get audited because they overstate their generosity.

"The charitable deductions are the biggest red flags.  Goodwill, you know you have to keep your receipts and I know the Goodwill leaves it blank and it's up to you to fill it in, so just make sure you're putting the right price in there," said Lee. 

Number 6: Missing Forms

The IRS says it's a common mistake that could delay your return. Double check what you need and make sure to make copies.

Number 5: Wrong Bank Account Numbers

Direct deposit can speed up your return, but it's quite the opposite if you submit the wrong account number.

Number 4:  Bad Math

The IRS caught more than 6 million math errors on 2010 tax returns.  Taxpayers commonly miscalculated how much they could deduct.

Number 3: Wrong Filing Status

Almost 70-thousand taxpayers chose the wrong status in 2010.  Taxpayers are most often confused by head of household status.

"If you're married you're married.  If you file head of household, that is a fraudulent return and you can be really penalized, interest, penalties, and possible jail time," said Lee.

Number 2:  Unsigned Returns

Married couples often forget both spouses need to sign and date if they are filing jointly.  

Number 1: Misspelled Names

If you don't enter your name exactly as it appears on your Social Security card, the IRS could slow down your return.

Len Pirkey admits, one year she never got her check.  And now...

"I make sure that I dot all of the "i's" and I cross all of the "t's," said Pirkey.

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