Don't Make These Five Mistakes on Your Tax Return

Business and FinanceBusiness and Finance

Thu, March 13, 2025

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Don't Make These Five Mistakes on Your Tax Return

^{Published on 2025-03-13 04:20:56 - Kiplinger}

Here are some common tax errors you should avoid on your current tax return. Taxpayers not eligible for an SSN must have an IRS individual taxpayer identification number (ITIN). ITINs are 9-digit numbers issued by the IRS to taxpayers that don't have a SSN for U.S. federal tax purposes.

The article from MSN Money outlines five common mistakes to avoid when filing your tax return. Firstly, it warns against missing the tax filing deadline, which for most is April 15, 2024, although some might have until October 15 if they file for an extension. Secondly, it advises against neglecting to report all income, including freelance or gig work, as the IRS receives copies of all income statements. Thirdly, errors in calculations or incorrect personal information can lead to delays or audits, so accuracy is crucial. Fourth, failing to claim all eligible deductions and credits, like the Earned Income Tax Credit or education credits, can result in paying more tax than necessary. Lastly, the article cautions against choosing the wrong filing status, which can significantly affect your tax liability and refund amount. It emphasizes the importance of understanding your tax situation or seeking professional help to avoid these pitfalls.

Read the Full Kiplinger Article at:
[ https://www.msn.com/en-us/money/personalfinance/don-t-make-these-five-mistakes-on-your-tax-return/ar-AA1AMhqo ]

N@N

Don't Make These Five Mistakes on Your Tax Return