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Costly Tax Preparation Mistakes

Tax time is just around the corner, are you ready for it? We know you’ll be needing all the tax help you can get, and that’s why we picked this article about costly tax return preparation errors.

April is a dreaded month for many people, all because it’s tax month. Many people cram their tax return preparation, and this can result in many costly errors. In this article we take a look at some of the tax mistakes that millions of people commit. Avoid them, and you ensure yourself of a more peaceful tax month. You also get to save cash!

Typographical errors — Misspellings (such as in social security numbers) will cause delays in processing your tax return. It’s more deadly when you transpose digits when writing cash amounts (e.g. writing $42,903 instead of $42,093). You can lose cash or earn the ire of the IRS with this kind of mistake.

Math errors — According to the IRS, basic arithmetic errors rank as the number one mistake of taxpayers. Sometimes, these errors just involve simple addition and subtraction! A great way to avoid math errors is by using tax preparation software.

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The author recommends an article on Costly Tax Mistakes for a more in-depth discussion and the best practices after tax season. He also recommends Tax Information for general info about taxes.