Q&A of the Week March 28, 2024

Question

How can I avoid mistakes on my income tax return?

Answer

The IRS issued some reminders for taxpayers to avoid errors on their tax returns. 

1. Collect ALL key documents such as tax forms, paperwork for tax deductions or credits, and the previous year's tax return.

2. Use electronic filing and direct deposit for the fastest and safest way to receive a tax refund.

3. Ensure your tax filing status is correct. If you need help, use the Interactive Tax Assistant.

4. Make sure names, birthdates, and social security numbers are correct.

5. Answer the question about digital assets. If you are unsure how to answer, this webpage can help.

6. Report all taxable income. Remember: most income is taxable.

7. Confirm your banking account and routing numbers are correct.

8. Sign and date your tax return!

9. If you are using a paper tax return, ensure your mailing address is accurate.

10. Keep a copy of your tax return.

11. If needed, file an extension using Form 4868.

See the full article here. If you have questions, consult with a tax professional.

Remember: Tax Day is April 15, 2024! It'll be here before we know it!