5 Common Mistakes During the Tax Filing You Must Avoid

One of the biggest things that we have seen from the government is flexibility. The government has extended the tax filing date to 15 July 2020. However, it must be taken as an opportunity. However, business owners must prepare the taxes within the time now. However, for an error-free filing, it will be better to hire professional tax services West Hollywood. These professionals will help you in lightning fast ways. However, in case you will not hire one, the chance of making mistakes will be there. However, you must not repeat these common tax mistakes.

Not filing on time

As mentioned at the starting of the article, the government is showing flexibility. Therefore, we must not take advantage of this. we must be serious about the tax filing. The IRS estimates 20 percent of taxpayers wait until a week before the deadline to file their income tax returns. Unfortunately, waiting until the last minute can force some procrastinators to miss the deadline if they run into any problems while completing their forms. While filing for an extension will give you more time, you still need to pay any taxes owed by the original deadline, which is July 15, 2020, for the tax year 2019.

Missing or incorrect information

One of the most common tax mistakes is leaving a box blank or fat-fingering your Social Security number. The easiest way to avoid those mistakes is to import last year’s return so you don’t run the risk of a typo when manually keying in your information. Therefore, be sure that you must not miss any information as pointed out by tax services West Hollywood.

Not keeping the copies of the return

One of the biggest mistakes that the business owners repeat is to not keep the copies of the earlier returns. As per the experts, you must keep a copy of your tax return for at least three years. Remember that this the period within which IRS may audit you legally for underreporting of the income. Therefore, you must not take any chance with this.

Math error

Human error is not an unexpected thing. However, if you are not an expert, mistakes in the calculation is not an unusual matter. However, remember that a simple error can bring IRS to your doors. Therefore, if you are not confident about your math skills or don’t have time for the number checking, it is better to hire a professional.

People can still do better than machines

Several software is available there which people can use to calculate the tax figure. However, it is not that these machines will tell you always the wrong figure. However, a human being can be more accurate in these cases. A person from any reputed tax services West Hollywood will guide you not in tax calculation but also tax saving.

Final Words

Therefore, in this current article, you have seen the common tax filing mistakes that people do often. However, this year due to the corona pandemic as you have got three extra moths, so be careful about the filing.

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Created on Mar 27th 2020 05:55. Viewed 366 times.

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