4 Common Tax Errors

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4 Common Tax Errors
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Incorrect Personal Information
One of the most common tax errors is providing
incorrect personal information. Ensure that your
name, Social Security number, and other personal
details are accurate. Mistakes here can lead to
delays or potential issues with the IRS.
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Math Errors
Math errors are surprisingly common and can lead
to miscalculations of your tax liability. This
includes addition, subtraction, and transferring
numbers from one schedule to another incorrectly.
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Forgetting Deductions and Credits
Failing to take advantage of eligible deductions
and tax credits is a significant error. Many
taxpayers leave money on the table by not
claiming the deductions they qualify for, such as
education expenses, home office deductions, or
energy-efficient home improvements.
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Missing Deadline
Missing the tax filing deadline is a costly
mistake. Late filers may face penalties and
interest on the taxes owed. It's crucial to
understand the filing deadline, which is
typically April 15 for most individuals.
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