The Most Common Mistakes That Occur In The Rush To Finish Taxes
PHILADELPHIA (CBS) -- With just days to go before the filing deadline, it's crunch time for taxpayers who haven't yet completed or started a tax return. That last minute sprint to finish can sometimes lead to mistakes. In today's 3 On Your Side report we take a look at some of the most common errors.
In the final days before the federal income tax filing deadline, things can get stressful, but don't let that stress cost you money!
"One of the biggest mistakes that we see is tax payers not taking advantage of deductions and credits on their personal tax return," said Carlo Ferri, a CPA with Kreischer Miller.
He says tax payers often miss out on credits for things like daycare or education. And those education credits can be for your children or yourself.
"It has to be any individual going back to school to obtain a certified degree," said Ferri.
While you don't want to miss out on credits, It's also important not to make false claims which is common when it comes to charity.
"What we see a lot of time with charities is, people simply overstating what they're contributing, said Ferri.
Another mistake, choosing the wrong filing status.
"There's five different filing statuses that an individual can take on their tax return," said Ferri.
That status can change depending on your circumstance.
"Maybe just recently went through a divorce, unmarried, and maybe you have a child now that your taking care of. Your providing more than half the support for that child, you can take advantage of head of household status," said Ferri.
And keep in mind, if you don't file the correct status your return could be rejected or your refund delayed.
While it's great to get a big refund, that's not smartest thing to do. You're better off adjusting your tax withholdings from your paycheck and getting a little extra money in your paycheck throughout the year. You can adjust withholding going forward, just fill out a new W-4 form and submit it to your employer.
