Home - Everything Else - 7 Crucial Mistakes To Avoid When Filing For Tax Refunds
7 crucial mistakes to avoid when filing for tax refunds

7 crucial mistakes to avoid when filing for tax refunds

Filing for tax refunds is a herculean task. Navigating endless forms, doing the math, and meeting deadlines can get overwhelming. As a result, people make errors, which costs them dearly. From choosing the wrong filing status to submitting unsigned forms, we have discussed seven crucial mistakes individuals should avoid when filing for tax returns. Steering clear of these can eliminate unnecessary hassle and make the filing process smooth and seamless.

Choosing the wrong filing status
One of the most crucial mistakes taxpayers must avoid when filing their tax refunds is choosing an incorrect filing status. As per the IRS, taxpayers can choose from five filing statuses: single, head of household, married filing jointly, married filing separately, and qualifying widow (or widower). Each status has its own set of guidelines and effects. For instance, if a person is married, they must understand if they are filing jointly or separately. Filing under an incorrect status could lead them to receive a lower refund than they are eligible for. This is why selecting the correct status when filing for tax refunds is essential.

To simplify things, the IRS has provided an online tool on its website where people can find their tax filing status. Checking this tool before filing taxes or tax refunds can save one from making mistakes. Besides checking out this tool, individuals can consult a tax attorney if unsure about choosing a suitable status. Using tools and speaking to professionals can take time but helps avoid mistakes during the process.

Making mathematical errors
According to the IRS, math errors are common when filing for tax refunds. A simple mistake in addition or subtraction, or even a slight overlook in placing a decimal, can cost a taxpayer. Hence, one must check and double-check their calculations before submitting tax refund forms. The IRS also recommends using tax software or calculators to avoid such errors. Moreover, individuals should avoid filing for returns after a stressful day as one is more likely to make mistakes during this time.

Not confirming the basic details
People often fill in basic details, such as their names, incorrectly when filing for tax refunds. For accurate filing of taxes, one must write their name as per their Social Security card. One must also confirm that they have entered the correct Social Security number as printed on their card. Overlooking these details and not rechecking the form after filling it out can lead to several issues, such as delays in tax refunds or even rejection of refunds.

Filing the return too early
Many taxpayers believe that filing their tax refund forms early means they will receive their refund early, too. However, that is not the case. Filing for refunds way too early, before one receives the necessary paperwork required for filing, could lead to errors. Such errors would, in turn, delay the refund process. Hence, before individuals begin filing for a tax refund, they must first confirm if they have received all the eligible tax forms and documents. One must also take the time to remember if they have made any financial transactions that could add to their refund amount. This could include donating to a charity or an organization or beginning a new investment. Rushing the process of filing for tax refunds could cause people to forget about those activities and miss out on eligible tax refunds.

Filing the return too late
While it is important not to rush the process of filing for tax refunds, one should not miss the deadline. As per the IRS, about 20% of taxpayers in the country wait until the week before the deadline to file their refund forms. Taking the process too close to the deadline can be a huge risk. If someone misses the deadline, they might have to pay a late filing fee to the IRS, besides other penalties. Moreover, if someone is eligible for a refund, they might miss out on it. Hence, one must stick to the schedule when filing taxes and tax refunds.

Writing an incorrect account number
There are many ways to receive tax refunds after filing. One of the easiest and quickest ways is via bank transfer. For this transfer to be successful, the tax forms must have the correct account number written. If taxpayers fill in an incorrect account number in haste or due to a common oversight, they might lose their refunds. Therefore, individuals must double-check such sensitive information before submitting their tax forms. If one has missed a digit, entered an incorrect digit, or entered an extra digit in their account number, they might miss out on their rightfully deserved refunds.

Submitting unsigned forms
Whether filing tax refund forms online or via paper, taxpayers must ensure they have signed them before submission. When filling out the forms online, one should check whether they have provided a digital signature. Besides this, taxpayers must also check if the form requires their spouse’s signatures. Submitting a form without proper signatures is deemed invalid by the IRS. A simple yet useful way to avoid oversights is to ask someone else to review the form before submission.

Latest Articles

8 Healthy and Filling Snack Ideas for Kids
Health

8 Healthy and Filling Snack Ideas for Kids

When hunger strikes between meals, it’s important to have healthy and satisfying snacks, especially for growing kids. The stores are flooded with packaged snack options that are tempting and convenient to buy, but most of them contain high sugar levels, empty calories, and add no nutritional value. Instead, one can opt for one of the following snacking options: easy to make, highly flavorful, and provide numerous benefits that boost a child’s development. Crunchy vegetables and hummus Vegetables are another great snack choice, providing essential vitamins and minerals. For example, one can opt for crunchy vegetables like carrot sticks, cucumber slices, bell pepper strips, and cherry tomatoes. Pairing them with a healthy dip such as hummus or yogurt-based dressings can make them more appealing to kids and boost their overall health and energy levels. Yogurt Yogurt is a versatile snack packed with calcium, protein, and probiotics. The live bacteria in the product are highly beneficial for digestion. Packed with nutrients, yogurt is a supportive and tasty snack for developing and strengthening kids’ bones. One should choose plain, unsweetened yogurt and add natural sweetness by mixing fresh fruits or a drizzle of honey. One should avoid store-bought sweetened or flavored yogurt since these products contain high sugar levels. Alternatively, one can freeze yogurt in popsicle molds for a refreshing treat during warmer months. Yogurt may not be advisable, however, for infants below twelve months. Popcorn Another healthy choice for a quick snack is popcorn. This fun and crunchy snack can be ideal for movie night or after-school treats as it is nutritious whole grain rich in fiber. It can also help regulate bowel movements and is rich in antioxidants and low in bad cholesterol. One can drizzle some low-fat butter or cheese on top to make it tastier. Avoid adding too many unhealthy toppings.
17 Healthy Foods for Seniors
Health

17 Healthy Foods for Seniors

To support healthy aging, it is important to prioritize nutrition and lifestyle. Eating well-balanced meals can help one stay energized, get all the nutrients required for performing daily activities, and reduce the risk of chronic health conditions such as heart disease and diabetes. On the other hand, malnutrition can weaken the muscles and bones and leave one vulnerable to diseases. To avoid this, here are some healthy foods seniors must eat regularly. Fatty fish Fatty fish such as salmon, tuna, and mackerel are a great source of proteins and omega-3 fatty acids, which can help protect the body from cardiovascular conditions. Seniors must try to add fatty fish to their meals at least two times a week to improve their health. Those who do not enjoy the flavor of fish may also consider omega-3 fish oil supplements. Skinless poultry Skinless poultry, also known as lean meats, is a great source of protein for seniors. Cuts of chicken and turkey can be prepared with herbs and spices as low-sodium meals, especially for seniors with high blood pressure. Eggs Egg whites are also a great source of protein and heart-healthy nutrients for elders. However, the yolks are rich in cholesterol, so, preparing eggs carefully and eating them in moderation can help seniors boost their health. Dairy products Dairy products are a great source of nutrients, especially calcium and vitamin D. Yogurt is an important probiotic that can help protect the gut biome. However, opt for reduced-fat or skimmed milk options to reduce the consumption of unhealthy fats. Also, avoid buying flavored dairy products as these often contain added sugars and preservatives. Walnuts Walnuts are another excellent source of omega-3 fatty acids, especially for vegans and vegetarians. They are a rich source of fiber and help protect heart health. Almonds Rich in unsaturated fats, almonds can help lower bad cholesterol (LDL) levels, making them a healthy snack or additive to meals.
8 Gardening Mistakes and Ways to Avoid Them
Everything Else

8 Gardening Mistakes and Ways to Avoid Them

Transforming your backyard can be an exciting project. You could create a hangout spot, install sculptures, or even add a garden. However, adding plants to a backyard can require considerable time and effort. If you are taking up gardening for the first time, you do not want to miss key steps that affect the look of the space. So, to help you get started, here are a few gardening mistakes and how to avoid them: Planting excessively You may spend immense amounts of time scrolling through seed catalogs and looking forward to fresh vegetables and sometimes can end up planting too much. A big garden may require a lot of effort and can become overwhelming. So, if you have just taken up gardening, start small. First, shortlist your five favorite vegetables and herbs, and grow them. As you have some success with these plants, introduce new seeds to the space to gradually expand the garden space. Planting too early Seeds require an optimum temperature to sprout and grow. If some seeds thrive in warmer temperatures, the yield may freeze and die if you try to grow them in spring. The seed may also rot without sprouting. So, you must check what climates are suitable for each type before spreading them across the garden. One of the best ways to avoid planting earlier than required is to buy a good soil thermometer and note the usual first and last frost dates in your area to avoid this period for starting a garden. Overlooking the soil type Another mistake to avoid is planting seeds without checking whether the soil is loamy. If your backyard does not have loamy soil—rich in silt, clay, sand, and organic matter—the seeds will get sufficient nourishment, and the saplings may grow weak and perish quickly. So, before you start a garden, ensure you amend the soil to make it ideal for plant growth.