Tax season is in full bloom as we count down the days to the income tax filing deadline which is Tuesday, April 17. What are the most common filing errors? What if you’ve already made a mistake?
WHAT ARE THE MOST COMMON TAX RETURN ERRORS?
• Incorrect Social Security numbers: You, spouse, children.
• Exact name does not match Social Security records.
• Math errors: Double check.
• Incorrect credits and deductions.
• Wrong bank account number or routing number for a direct refund deposit.
• No date or signature.
IF YOU’VE ALREADY FILED WHAT DOES IT MEAN IF YOU GET A LETTER FROM THE IRS?
When IRS records don’t match what you report on your tax return, they will send you a letter proposing changes.
• CP2000 notice of a discrepancy.
• Does not mean you are being audited.
• Return the form by the deadline! (If you agree, sign and respond by fax or mail. If you disagree, return the form with documentation supporting your response)
WHEN WILL I GET MY REFUND?
• 9 out of 10 refunds are processed in less than 21 days.
• You can check on IRS app or website, “Where’s My Refund?”