Do you want the refunds of your Kissimmee income tax return processed quickly? The prime reason that refunds get delayed is when you make mistakes on your tax return Kissimmee. In recent times, return errors have decreased because there are so many people who now rely on tax software and seek help from the pros. Despite this, there are times when you can make an error like inputting the wrong information into the software and the like. The mistake will hardly ever cost you cash but like already mentioned, it will still delay your refund.
So which are the most common of these? Let us take a look and maybe, you will be able to avoid them the next time and get your refund earlier than anticipated.
The most common mistake on a income tax return Kissimmee is incorrect calculations. If you enter a wrong figure or enter two different values on the schedules, you will be notified. Avoid these sort of mistakes because they decrease your refund amount or increase your taxable amount.
If you use a software, you can minimize the calculation errors, but you will still have to make sure you provide the correct figures. Go through your refund carefully and ask your accountant to do the same. Until you do this at least two times, you should not submit your income tax return Kissimmee.
A computation error occurs when you figure out your taxable income or your taxable amount incorrectly. These mistakes become more pronounced when you utilize more deductions and credits. According to the IRS, the most common of these related to evaluating the Earned Income Credit, social security benefits or deductions that are for the elderly or the blind. In all these cases, there are many worksheets and forms to deal with and so errors are likely as you transfer the information from all these documents onto your 1040 form.
Figures play a prime role in taxes but so do names, at least for the IRS, and names is another field where mistakes are bound to happen. So if the name appearing on your income tax return Kissimmee is not the same as the one that shows up on your Social Security Card, do not be surprised if the refund gets delayed.
Can’t believe that pupil can make a mistake in writing down their names? Actually this happens more for recently married couples. In this case, the wives often have new names, but their Social Security cards may still be showing their old names. If this is the case, contact the Social Security Administration and get the name changed at your earliest convenience. Same is the case when you divorce, so make sure you notify the authorities in this situation as well.
Wrong Account Numbers
The IRS allows you to deposit your return amount in three different accounts. This option is greatly availed, but while doing so, there is a chance you may enter an incorrect account number. The same thing can happened with one account as well, but the probability is less.
If you need more information about our Kissimmee accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.