Common Mistakes on Federal Income Tax Form

Check appropriate exemption boxes and entering correct information besides them

Before filing taxes, the taxpayer needs to verify if he or she qualifies for any tax exemptions. If so, the taxpayer needs to check the right tax exemption boxes. Sometimes, he or she will need to put the name and even social security number of the persons whom help him or her qualify for those tax exemptions. Make sure only appropriate boxes are checked and enter the information of persons whom qualify you as appeared on their social security card. If there is not dependent child or other qualifying persons, then the taxpayer should only claim personal exemptions for himself and his or her spouse if married filing jointly.

Income, deductions and credits information

Income, deductions and tax credits information are very important because they dictate how much tax you will owe the IRS or how much tax refund the IRS will send you. Make sure these information are correct on your tax return. However, if a tax return is complicated, it is best to utilize some sort of tax software in order to not make obvious common mistakes on your federal income tax return.

Negative amounts should have brackets around them

Some taxpayers forget that negative numbers should have brackets around them. When doing taxes, it is easy to for get.

Standard deductions vs itemized deductions

Most taxpayers use standard deductions rather than itemized deductions. If you use standard deductions and check the box indicating that either you or your spouse if married filing jointly were age 65 or older or blind, make sure that you use the correct standard deduction using the worksheet on the IRS tax form 1040 Instructions booklet or the IRS tax form 1040A instruction booklet.

Figuring out your tax obligations correctly

When tax software did not used to be as helpful or advance, taxpayers need to figure out how much taxes they owed the IRS by hand. If you are still not using any type of tax preparation software or having a professional tax preparer or a CPA prepare your tax return, make sure you figure out your tax obligations correctly using the tax table provided by the IRS, making sure you use:

• the right column,
• the right filing status, and
• the right income level.

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