Filing your taxes? Avoid these 5 common mistakes to keep things smooth!”
Hi, I’m Eric Boyum with Inspire Advisors. Tax time can be stressful, but don’t let these common 1040 mistakes make it worse! Here are 5 common errors people make—and how to avoid them.
#5: Not telling the IRS what to do with your refund. Want to delay your refund? Just don’t tell the IRS what to do with it! They can apply it to next year’s taxes, deposit it into your bank account, or mail you a check. But if you don’t choose, your refund might sit there waiting for instructions—like an unmotivated teenager on a Saturday morning.
#4: Entering numbers that don’t match your forms. The IRS is a stickler for details. Every number you enter on your 1040 has to match the forms you received. If your W-2 says $52,348, you can’t round up to $53,000 for fun. The IRS loves order—so make sure all the boxes align.
#3: Automatically taking the standard deduction. The standard deduction is easy, but it’s not always the best choice. If you have significant medical expenses, charitable donations, or other deductions, itemizing might save you more. Consult a tax professional to figure out what’s best—don’t leave money on the table!
#2: Putting numbers on the wrong lines. The IRS loves things in their proper place. If you enter gross wages where adjusted gross income goes, it could trigger delays—or worse, an audit. Double-check each line to avoid headaches later.
#1: Forgetting to check for typos. Misspelled names, transposed numbers, or even the wrong Social Security number can cause big problems. Double-check your name, address, and every digit on your forms before filing. Typos may seem small, but they can lead to major delays with the IRS.
These mistakes are easy to make but just as easy to fix. Take your time, review your forms, and consult a tax professional if you’re unsure.
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