6 Errors To Avoid in Tax Filing

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Do you know one thing that most taxpayers hate
the most? Well, its committing mistakes on their
tax returns. These are not simple matters. If you
make one single mistake, it can cost you money.
And in worst-case scenarios, you can wind up
owing more taxes or miss out on large refunds.
Thats why you should know how to avoid these
errors on your return. One way to do this is with
tax and accounting services.  To help you out,
consider the following information.
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Avoid Simple Errors Believe it or not, there are
simple errors that can be prevented. Many people
blow the basics. So, here are things that you can
do to avoid doing this First, make sure that
your name and your dependents are spelled
correctly. Another thing is to check your Social
Security numbers if youve inputted them right.
Lastly, double-check your filing status.
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Enter the Right Information There are times when
people dont carefully enter the wages,
dividends, and others that theyve received from
an information return. Because of this, the IRS
can give them penalties. Dont try to change it
or ignore the information returns. Ensure that
its entered properly.
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Be on the Correct Line Remember to be extra
vigilant. Be sure to have all of your entries in
the right place. For example, you dont want to
put your tax-free IRA rollover on the line meant
for taxable distributions. These errors might
seem simple, but there could be catastrophic
consequences. 
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Dont Automatically Take the Standard
Deduction Although it might be more convenient
to rely on the standard deduction, this might be
costing you more than you think. For this reason,
you should identify other alternatives. You might
find those that will give a better write-off. 
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Not Understanding Certain Deductions This is one
reason you need a professional to provide you
with tax and accounting services. There are times
when certain deductions are to your advantage.
Most people shy away from this for fear of an
audit red flag. However, with an expert on your
side, you should embrace it.
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Failing to File This is every taxpayers worst
nightmare. Even if you cant pay your full tax
bill when its due, file a return. Never fail to
file because youll have the IRS knocking on your
doors. They can provide you with penalties and
even potential tax evasion charges.
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If you are looking for tax and accounting
services in Atlanta, visit us at Prestige
Accounting Solutions. With our assistance, you
can reduce the risks of errors on your tax
returns. We will make sure that every year, your
taxes are processed and filed properly. Get in
touch with us now!