Top 5 Tax Filing Mistakes in 2023

Top 5 Tax Filing Mistakes You Should Avoid – Filing taxes is definitely one of the complicated tasks. So naturally, you want to avoid all the mistakes that come in front of you, as minor mistakes may cost you huge amounts of money.

tax filing

Along with that, you may face penalties or interests. So the question is, what are the common tax-filing mistakes that most people make, and how to avoid them?

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Top 5 Tax Filing Mistakes You Should Avoid:

tax filing mistakes

Well, this is what I am going to discuss in this article. I will be mentioning the top mistakes that you should keep an eye on.

So here we go:

#1. Wrong or missing SSN

SSN or Social Security Number is quite a long one, and it is possible that you make a mistake while typing it down or writing. So it is always a good idea to check that you have entered the correct social security number. Also, always double-check what you have entered just to be sure.

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#2. Wrong Name

There is a very rare chance that you will enter your name wrong. But if you are filling someone’s else tax, then you might make a mistake here and there.

Also, whenever it comes to entering the name, you should know that the name on the tax return should be the same one as on your social security card. Else, the social security administration (SSA) will get it wrong.

In often cases, we fill out our tax returns without entering the middle name. As a result, it conflicts with the IRS system, and your tax return application doesn’t go through.

#3. Filing Status Errors

It is also extremely important to choose the right filing status, as five different filing statuses are available. This includes Single, Married filing jointly, married filing separately, head of household, and qualifying Widows with dependent children.

Each of these categories has different tax purposes. Hence, they need to be filled in different ways. So in case if you get into the wrong category, it may create unwanted issues.

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#4. Math Mistakes

One of the essential things that the IRS checks on a tax return is math, so make sure that you enter the accurate values for your tax return.

tax calculation error

Like, you can easily miss a number or two here and there. Hence, it would be good to use taxation software to calculate how much tax you have to pay and how much you have earned. You can also consult with a tax professional for further help.

#5. Incorrect Bank Account Numbers

In case if you use the e-fill option and choose to direct deposit, then you will get your refund back in a few weeks. It is extremely fast and easy.

But it will only be fast and easy when you provide the right information. So you should check that you have entered the correct bank name, account number, routing number, and other details correctly.

The bottom line

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