22 Apr What to do for a tax extension

Posted at 16:59h in Tax by
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Tax extension: What to do now

Did you need more time to file your taxes? Hopefully, you filed a free extension for your federal income tax return.

If you didn’t, go do it now at the Internal Revenue Service website:  https://www.irs.gov/filing/free-file-everyone-can-file-an-extension-for-free.

If you did, there are a few things you should do to avoid costly errors in your return.

Errors on a tax return can mean it will take longer for the IRS to process the return, which in turn, could delay a refund or even trigger an audit.

Taxpayers who filed an extension and who are filing their taxes this summer should avoid making these common errors:

 

  • Make sure your personal information is correct. The taxpayer should be sure to enter each SSN on a tax return exactly as printed on the Social Security card. Taxpayers should also spell all names listed on a tax return exactly as listed on the individuals’ Social Security cards.
  • Make sure your bank account number is correct. If you are due a refund, you won’t get it if your bank account number and routing numbers are incorrect. It’s a good idea to double and triple check the numbers they enter.
  • Make sure your filing status is correct. Some taxpayers claim the wrong filing status, such as Head of Household instead of Single.
  • Triple check the math. Math errors are common. These can range from simple addition and subtraction to more complex calculations. Taxpayers should always double check their math. Even professionals need to be double-checked.
  • Making a mistake when figuring credits. A common mistake is made when figuring things like their Earned Income Tax Credit and Child and Dependent Care Credit. Taxpayers should follow the instructions carefully, and double check the information they enter when filing electronically.
  • Remember to sign the form. An unsigned tax return isn’t valid. Both spouses must sign a joint return. Taxpayers can avoid this error by filing their return electronically and digitally signing it before sending it to the IRS.

 

Do you need help with your tax extension, call us at (615) 893-6666 or (615) 444-4125.