Income Tax Filing
There are many things in this world that you want to avoid at all cost and one of them is a letter from the IRS. When you receive a notice from the Internal Revenue Service, it’s almost always a bad news that will put you through so much stress and sleepless nights. While this is a serious matter, you don’t need to panic as sometimes, there are only errors in your income tax filing and you only need to correct them. That is why it is very important that you take extra care in your filing to avoid any unnecessary errors and penalties.
If you manually fill out your forms and do your submission, you should write legibly and fill out all applicable information. If the IRS can’t read what is written on your income tax return chances are it will not be processed or it will be processed incorrectly, your social security number in particular. If your social security number does not match your name in their system, it will be a problem. Same goes if you have dependents, their social security numbers should also be reported accurately.
Verify that all information is correct especially the figures. If any of the figures in your tax return come out differently, there is a big possibility that you will be invited for an audit. In general, small mistakes in your return can still be fixed and is not a reason to be worried about. You may have to pay a fine especially when by the time you fixed the error and send your return back to the IRS you have already missed the deadline.
Submitting the correct information in your tax return is very important that you should make it a point to send in your return before the deadline. Even if you don’t have the money to pay for the taxes, filing should still be a priority as being late on your payment is fined considerably less compared to late submission of your return.
If there are any errors in your income tax filing, there is a possibility that you will receive a refund you were not expecting or receive a refund which is larger than what you are supposed to receive. If this is the case, you should not readily assume that the IRS knows what they are doing. To be safe, find out why and return the check as you will get in trouble later on for keeping the money that was sent in error. This is especially true if the error was made by you when you filed your income tax.…