Small mistakes can have huge consequences when the mistakes appear on your tax return. At the very least, the processing of your return is likely to be delayed, which can create real problems if you’re counting on your refund. And in some cases, a mistake on your return could even increase your risk of being audited. Know the most common tax return mistakes so that you can be extra careful to avoid them.
Wrong Social Security numbers
The IRS says that getting Social Security numbers wrong on tax returns is one of the most common errors it sees. A mistake with a Social Security number can be as simple as making a typo when you enter it into your tax preparation software. Or perhaps you misremembered what your children’s Social Security numbers were when you entered them as dependents. An incorrect Social Security number is likely to bring some pretty serious IRS scrutiny, since that’s a red flag that the return may be filed by an identity thief and therefore fraudulent. So before you hit submit, drag out your Social Security card and the cards of your spouse and dependents and confirm that you have all those numbers right.
Read More at madison.com