How To Avoid Making Tax Return Mistakes

3:40 PM, Apr 16, 2012   |    comments
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Greensboro, NC -- Taxpayers have two extra days to file their tax returns this year, but even with the extra time mistakes can happen.

Tax day is Tuesday, April 17 this year because April 15 falls on a Sunday, and April 16 is Emancipation Day in Washington, DC, a holiday.

USA Today has pointed out some of the most common tax time mistakes to help people file their tax returns correctly.

1. Double-check your social security number and your dependents' social security number

2. Double-check your bank account number. If you're one digit off, the money that should belong to you could be deposited into someone else's account.

3. Don't leave out any of your deductions. According to USA Today, about 65% of taxpayers claim the standard deduction because they don't believe they have enough deductions to justify itemizing. But even if you claim the standard deduction, you could be eligible for certain tax breaks, like if you bought a new car or paid local property taxes.

4. Report any non-deductible contributions to your individual retirement accounts or IRA.

5. When it comes to medical expenses, you can only deduct the amount of unreimbursed medical expenses that exceeds 7.5% of your adjusted gross income.

6. One of the most common mistakes seems like a no-brainer, but many still forget: You can't file without your signature. So don't get a return to sender because you didn't sign on the line.

The IRS said as of Friday, it had already received 91 million of the 144 million tax returns it expects to receive this year.

If you can't meet Tuesday's deadline, you can file an extension that gives you until October 15, 2012 to file your returns.

Related: Getting A Refund, How You Spending It

 

WFMY News 2, USA Today