The 7 most common mistakes on tax returns

The clock is ticking but that doesn’t mean you should hurry to complete your taxes.  In fact, rushing might cause you to make one of seven most common tax mistakes.

  1. Forgetting to include your social security number  
  2. Failing to report all sources of income
  3. Making calculation errors
  4. Claiming too many or too few deductions
  5. Forgetting to sign and date their return
  6. Failing to contact the IRS if you’ll miss the April 15th deadline
  7. Forgetting to include a check or money order with their return

But, tax experts say the biggest mistake of all is failing to take advantage of available tax credits.

“Its easy to miss these credits and a lot of these credits could be paid back to you even if you don’t owe any income tax,” said Certified Public Account, Paul Thorstenson. ” So, put these things in the computer.”

Here are some of the credits Thorstenson said you should keep an eye out for:

  • The Opportunity Credit – a $2,500 tax credit for college tuition
  • Residential Energy Credit- $1,500 credit used for windows, door installation and garage doors. This is the last year people can qualify for this refund.
  • Making Work Pay Credit- $800 credit eligible for married couples
  • Sales Tax Deductions- since South Dakotans don’t pay income taxes, big ticket items should be claimed.

Thorstenson said a lot of these credits can be paid back to you even if you don’t owe income taxes.  Also, using a tax software program or online service will help you identify many of the available credits.

The last day to file your return without requesting an extension is April 18.

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