Tax season can be overwhelming, especially for those filing independently. While DIY tax filing is possible, it’s easy to make costly mistakes that can lead to penalties, missed deductions, or delays in processing. At Polaris Tax & Accounting, we specialize in accurate, detail-oriented tax preparation, helping you avoid common errors and maximize your savings. Here are the top mistakes to watch out for.
Common Tax Filing Mistakes:
- 1. Filing Too Late or Early
- Many filers delay until the last minute or rush to file early, increasing the risk of errors or missing documents. Make sure to give yourself enough time or, better yet, have a professional handle it.
- 2. Forgetting Income from Freelance or Gig Work
- Failing to report 1099 income from freelance or contract work is a common mistake. Missing even small amounts can trigger an IRS audit, so gather all income records to ensure a complete filing.
- 3. Misreporting Deductions
- Many taxpayers miss eligible deductions or mistakenly claim ineligible ones. With Polaris’s support, we help identify every deduction and credit that applies to your situation.
- 4. Incorrect Direct Deposit Information
- An error in bank details can delay your refund. Always double-check deposit information to avoid processing delays.
- 5. Forgetting to Sign Your Return
- It sounds simple, but forgetting to sign your return can invalidate your filing. When filing electronically, ensure digital signatures are correctly submitted.
Avoid these common tax mistakes with Polaris Tax & Accounting’s expert help. Our detail-oriented tax preparation service ensures you maximize deductions, avoid penalties, and enjoy a smooth tax season. Schedule your consultation today to make filing stress-free.