• Home
  • About
    • Rave Reviews
  • Services
    • For Individuals
      • Estate Planning Done Right
    • For Small Businesses
    • Tax Problem Resolution
      • "Innocent Spouse" IRS Relief
      • Bankruptcy Options That Work
      • Find Out What The IRS "Has" On You
      • Non-Filed Returns--Done For You
      • Payroll Tax Protection
      • Protection from IRS Asset Seizure
      • Protection From IRS Levies
      • Protection From Wage Garnishments
      • Safeguard Yourself From IRS Liens
      • Settle Your IRS Debt for Pennies on the Dollar
    • Tax Services
      • IRS Representation For You
      • Tax Planning For Big Savings
      • Tax Preparation Done Right
    • Additional Services
  • Tools & Resources
    • Financial Calculator Gallery
    • Refund Tracker
  • Contact Us
  • Blog

Call Now: (770) 984-8008

Email E. Dennis Bridges, CPA

Common Self-Preparation Errors

We’ve all been there: We need our taxes done ASAP so we try to do them ourselves. Then we realize “Oops, I made a mistake!”….and then the panic sets in.

“How do I fix it??”

“Are the feds coming after me??”

SO, before you start preparing your return, here are some common errors to look out for.

  • Inputting the incorrect personal information (name, address, social security number, etc.)

Yes, this may sound ridiculous, but it is not uncommon for someone to rush through their tax preparation and accidentally goof up this kind of information.

  • Filing under the incorrect filing status

Make sure you know whether to file Single, Head of Household, Married Filing Jointly, or Married Filing Separately and make sure you know the rules that go with each.

  • Forgetting to claim your dependents

No, seriously. We have had clients forget their kids (Honey, I Forgot The Kids On Our Tax Returns!). This is a great tax credit. Make sure you also know when you can no longer claim your children as a dependent and if someone like a parent or person you take care of can qualify as a dependent.

  • Missing information reflected on tax forms

Make sure you have received ALL of your tax forms before you file. This includes income forms (1099s, W-2s, etc.), anything for student loans (1098-E or 1098-T), anything for health insurance (1095), etc. You can refer to the IRS website if you need any information regarding forms and what they mean.

https://www.irs.gov/forms-instructions

If any information from your forms belongs on the returns and is missing, the IRS will send you a notice.

  • Missing Deductions

This is a HUGE one! We review returns all the time, either prepared by the client or prepared by a chain preparer, that are missing some of the most important deductions out there. You could be losing hundreds or even thousands of dollars by leaving off important deductions. Sometimes, people just aren’t sure what they can and cannot claim, and that’s what leads to the problem.

  • Missing the tax filing or extension deadline

Here is a handy guide to filing deadlines most important to our clients:

https://imgur.com/a/q5z5L

Make sure to file an extension if you know you’re not going to meet the first deadline. Also remember that the extension extends your time to file, but NOT your time to pay. Penalties and interest will occur on the balance. Put any of these important dates in your calendar, so you don’t forget!

How can these mistakes be avoided or fixed?

  • Be cautious and careful, be thorough!
  • Have someone help you to make sure all records are accounted for.
  • Hire a professional, especially if you’re staring at that return and feel overwhelmed. That is what professional preparers are for!

More from my site

  • I saved moreI saved more
  • Tax Planning in ActionTax Planning in Action
  • Dennis Bridges’ 11 To-Dos For Your ‘Financial Health’ DayDennis Bridges’ 11 To-Dos For Your ‘Financial Health’ Day
  • Re: A salve for all this chaosRe: A salve for all this chaos
  • Dennis Bridges’ Strategy for Writing Off Almost AnythingDennis Bridges’ Strategy for Writing Off Almost Anything
  • Dennis Bridges On How to Win Through GivingDennis Bridges On How to Win Through Giving
This entry was posted on Tuesday, January 23rd, 2018 at 9:48 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

New Strategy Posts for your Finances

Looking Ahead to 2019 Taxes

Looking Ahead to 2019 Taxes

You have your 2018 tax return filed, or perhaps on extension, and now it is time to look forward to [...]
How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

Article Highlights: Primarily Business Primarily Vacation Special Circumstances Foreign C[...]
Student loans --- YECH!

Student loans --- YECH!

As a general rule, most debt isn't helpful to you. In fact, I could probably state that more clearly[...]
We Love Sharing Good News: A Happy Tax Story

We Love Sharing Good News: A Happy Tax Story

Here at Team Bridges, we love cutting income taxes for you, just so you can keep a LOT more of your[...]
Four Good Reasons To Give, No Matter The Tax Deduction

Four Good Reasons To Give, No Matter The Tax Deduction

"When in doubt as to what you should do, err on the side of giving." - Tony Cleaver As often is [...]
Tweets by @EDBridgesCPA

Rave Reviews

Always helpful and friendly

December 7th, 2013

"Tim and I couldn’t be happier with what Dennis and his whole office have done for us with our taxes[...]

I saved more

December 7th, 2013

“I saved more taxes in one hour with Dennis’ strategies than I did with my previous accountant in th[...]

He saved us over $5000

December 7th, 2013

"Somebody told me about Dennis Bridges so I figured I’d give him a try. We had about the same gross [...]

He understood my situation

December 7th, 2013

“I would’ve never believed it if I didn't see it with my own eyes… I owed the IRS over $54,000 for s[...]

Latest Posts

  • Looking Ahead to 2019 Taxes
  • How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?
  • Student loans — YECH!
  • We Love Sharing Good News: A Happy Tax Story
  • Four Good Reasons To Give, No Matter The Tax Deduction
  • Resisting Financial Automation
  • What to Do When You’re A Saver and Your Spouse is a Spender (or Vice Versa)
  • Making Money Work In a Marriage
  • Tax Tips for First Time Return Filers
  • Ill-gotten Gains

Get our
Exclusive Free Report:

 

"The Top 5 Personal Tax-Saving IRS 'Secrets' For Surviving Tough Economic Times"

 

We'll also add you to our popular, weekly

Real World Strategy Notes

 
Interesting Image
 
 

SECURE & CONFIDENTIAL Your information will never be rented, traded or sold. We guarantee your confidentiality. We hate those spam criminals even more than you do! You will receive the promised report, as well as timely strategies for growing your personal or business finances.

E. Dennis Bridges, CPA | 234 Creekstone Ridge, Woodstock, GA 30188 | (770) 984-8008

© Copyright 2014 – E. Dennis Bridges, CPA – All Rights Reserved