Every business owner wants to get the maximum possible refund in the quickest of times. The same can be said for you as well, right? So how do you ensure this? You can get the maximum possible refund if you maximize your deductions; your accountant will be able to help you out with this. But what about the processing times? How do you ensure you get your refund as quickly as possible? One option is to e-file your income tax return in Kissimmee; the other is to avoid the most common tax mistakes. Doing this is not that hard; you just have to be careful as you proceed with filling out your tax forms.
According to IRS, here are the most common blunders that people make when filling out their tax forms.
Recovery Rebate Credit
Last year, the IRS had many returns that contained errors regarding the Recovery Rebate Credit. This credit is actually meant for those people that fail in receiving a stimulus payment or the maximum refund amounts. If you want to avoid delay in your tax refund, you must know if you received the exact amounts last year along with the stimulus payment.
If you fill out a paper-based income tax return in Kissimmee, you will need the stimulus payment when you fill the worksheet. For e-file returns, you will require it when you prepare the return.
Social Security Numbers
As you fill out your income tax return in Kissimmee, make sure you enter your social security number exactly like it appears on your social security credit card. Should you enter an incorrect number, your tax refund will get delayed without a doubt.
Just as with the social security numbers, you must enter the exact spelling of your name; the one that appears on your social security card. The same goes for your dependants’ names as well. Incorrect or misspelled names are sure to get your refund delayed.
Filing Status Errors
The IRS classifies the filing status into four main categories:
- Filing singly
- Married couple filing jointly
- Married couple filing singly
- Head of the family
People often select a wrong status for themselves that does not meet IRS requirements. Ask your accountant for help, and he will be able to provide you more details about your filing status.
If you file a paper based income tax return in Kissimmee, there is an increased chance of mathematical errors. Many returns received by the IRS often contain minute addition and subtraction errors. Check and re-check your form to make sure you do not make this mistake. Also while filing it out; you should do it carefully and slowly so that there are lesser chances of an error.
For an e-return, there will be no mathematical errors as the software takes care of this. However, you have to make sure that you do not make any mistake while entering an amount.
A tax return without a signature is considered invalid and IRS is going to send it back to you without a doubt. Make sure your form is signed and dated.
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.