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Most common tax mistakes

On Behalf of | Jun 24, 2024 | Tax Law

One thing that can trigger an audit is when you make a tax mistake. This is often why people are very concerned about making unintentional errors. At our firm, we have already discussed how there is a big difference between an accidental mistake and intentional tax fraud, but it is still important to look at how these mistakes happen as they relate to the odds of an audit.

The Internal Revenue Service has compiled a list of some of the most common mistakes they tend to see year after year. Below are a few examples to keep in mind.

Filing at the wrong time

In some cases, people file too early, and they don’t have all of the correct documents. Of course, there are also issues when people file their taxes too late. It’s important to pay attention to all schedules and deadlines.

Submitting inaccurate information

In other cases, people will submit tax information that is clearly inaccurate, such as misspelling their name or writing down the wrong Social Security number. They could also make mistakes regarding their earnings and assets so that things are reported inaccurately – such as forgetting to include certain revenue streams or misidentifying employers.

Numerical mistakes

Finally, people will sometimes make basic math errors. They may need to add certain totals together or subtract their deductions. If the paperwork gets complicated, the average person doesn’t generally have any in-depth mathematical knowledge or training, so they can make simple arithmetic mistakes.

Are you facing an audit after potentially making some of these errors on your taxes? Be sure you understand the legal process and the steps you will need to take.