24 The Queens Courier • march 13, 2014 for breaking news visit www.queenscourier.com tax tips Avoid These Mistakes on Your Tax Return BY BARY LISAK Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these common errors so your refund is timely: 1. Incorrect and missing Social Security Numbers. When entering SSNs for anyone listed on your tax return, be sure to enter them exactly as they appear on the Social Security cards. The IRS will automatically reject your tax return, tax credits and deductions if your Social Security number is wrong. 2. Forgetting dependents. Don’t forget to claim dependents. In many cases, college students can be claimed by parents. Also, if you are caring for an aging parent, you can often claim him or her as a dependent. 3. Filing-status errors. Make sure you choose the correct filing status for your situation. Changing living arrangements; from children to divorces to adult children moving back home, can have a major impact on tax-filing status. Claiming the wrong status could negate your ability to claim the child tax credit, the earned-income credit, and dependent exemptions. 4. Using the wrong tax table. If you use the IRS tax tables, make sure you use the correct column for your filing status. 5. Report all income. The IRS can easily check how much income you received based on your SSN and 1099- forms financial institutions are required to submit. 6. Math errors. When preparing paper returns, review all math for accuracy. Math mistakes are one of the leading reasons the IRS adjusts returns. If you file electronically, the software does the math for you! 7. Computation errors. Take your time. Many taxpayers make mistakes when figuring their taxable income, withholding and estimated-tax payments, Earned Income Tax Credit, Standard Deduction for age 65 or over, the taxable amount of Social Security benefits, and the Child and Dependent Care Credit. 8. Failure to take tax credits and deductions. Each year the IRS collects millions of dollars thanks to taxpayers who don’t claim all the deductions and tax credits available to them whether they itemize or not. Such tax credits and deductions include child and dependent care, student-loan interest, moving expenses, alimony paid and tuition and fee expenses. 9. Incorrect bank-account numbers for Direct Deposit. If you are due a refund and requested direct deposit, review the routing and account numbers for your financial institution. One incorrect number can mean several weeks of waiting for your refund. 10. Forgetting to sign and date the return. An unsigned tax return is invalid. Remember, on joint returns both taxpayers must sign the return. If you file electronically, you must sign using a 11. Sending the IRS your only copy. Be sure to make a copy of your return and keep all documentation for your records in case you are audited by the IRS. When preparing your taxes there are a lot of simple and easy errors you can avoid with a little double-checking and extra diligence. An error-free return means faster processing and a faster refund check for you. s WESLEY HITNER, CPA F r e s h M e a d o w s , N Y 1 1 3 6 6 718-465-3466 LJC@loucarino.com *$99 minimum tax preparation fee. Please bring your invoice from last year’s tax preparation fees. Offer available for 2013 tax returns only. Not to be combined with any other offer. Non-negotiable. No cash value. If you had your taxes prepared by Gilman Ciocia in 2013, you do not qualify for this promotion. This discount must be requested at time of service, no credits will be issued after the tax return has been filed. Offer expires March 31, 2014. This tax season, have your taxes prepared in the comfort of your home. I make house calls. I am a CPA with over 25 years of experience. Other services include small business/corporation accounting and taxes. NO JOB IS TOO SMALL. CALL ME FOR A FREE CONSULTATION
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