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Avoiding Common Tax Return Mistakes

Stress and anxiety often accompany tax filing season. Despite your best efforts, achieving accuracy when it comes to tallying all forms of income, available credits and allowable deductions can be a real challenge. In this busy tax season, it is worthwhile to pay attention to some of the more common errors made on tax filings in order to sidestep those pitfalls.

If all else fails and errors are made, the process of amending a previously filed return is not necessarily as arduous as some may believe. The Baltimore tax attorneys at Rosenberg Martin Greenberg can help individuals and businesses steer clear of typical mistakes and also correct those that have inadvertently occurred along the way.

Common filing errors made by taxpayers

According to the Internal Revenue Service, there are a number of mistakes taxpayers make with great frequency each and every year. The agency has stated that those who file paper returns are roughly 20 times more likely than those who file electronically to have mistakes on their submissions.

Some of the most typical mistakes made by taxpayers include:

  • Inaccurate or missing Social Security numbers
  • Wrong or misspelled names
  • Simple arithmetic errors
  • Mistakes in determining allowable deductions and credits
  • Failure to sign and date returns before mailing
  • Inaccurate electronic filing PINs
  • Inclusion of wrong bank account numbers for direct deposit of refunds
  • Failure to include income from side jobs or contract work
  • Failure to include information about investment income

Avoiding unnecessary mistakes

Making use of commercially available tax preparation software can eliminate the risk of making some of these common errors, though the complex nature of many taxpayers’ circumstances may call for the assistance of a seasoned tax professional. At Rosenberg Martin Greenberg, we pride ourselves on providing comprehensive reviews of our clients’ unique tax concerns, helping them take full advantage of all available credits and deductions and making sure full compliance with the state and federal revenue authorities can be achieved.

Amended tax returns

Even the most diligent taxpayers can sometimes file a return which they later discover contained a significant error which could result in the IRS assessing additional taxes or penalties if not corrected. Or¬†perhaps available deductions or credits were initially overlooked which could substantially impact tax liability in the taxpayer’s favor. The good news is that the process of amending previously submitted tax returns is relatively simple, provided all agency instructions are followed.

If the amendments being filed will result in a refund, they generally need to be submitted within 3 years of the date the original return was filed or within 2 years of the date the initial taxes were paid, whichever date is later. Amendments which result in additional taxes being owed will be handled by the IRS in a manner dependent on whether the original filing date has already passed.

Experienced tax guidance for individuals and businesses

Whether you are simply seeking to avoid some of the more common filing mistakes plaguing Maryland taxpayers at this time of the year, or you need assistance with navigating the amendment process, the team of professionals as Rosenberg Martin Greenberg can help. For a confidential assessment of your personal or business tax scenario, contact Brian Crepeau at bcrepeau@rosenbergmartin.com or 410.649.4981.

Rosenberg Martin Greenberg

25 South Charles Street, 21st Floor MD 21201
Phone: 410-727-6600
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Rosenberg Martin Greenberg

705 Melvin Avenue Annapolis, MD 21401
Phone: 410-727-6600
Map & Directions