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Tax preparation can feel like a chore, and, as a result, people make mistakes as they rush to get them over with. Fortunately, the skilled accountants at Selph and Friday, CPA, help clients in Texarkana, TX, with their filing to prevent errors that can hold up their returns. Here, they discuss some of the most common issues that arise and how to avoid them.

The 5 Most Common Tax Preparation Pitfalls

1. Errors Involving E-Filing PINs

If you’re filing your taxes online, you’ll need to know your personal identification number (PIN). In most cases, you’ll be asked for the previous year’s PIN, so it’s crucial to keep accurate records. You may have to contact the IRS if you forget your number, at which point an operator will lead you through the process.

2. Inaccurate Calculations

You might also run into issues with your math. While filing software will alert you to any inaccurate calculations, if you’re working on paper, checking the math is up to you. Be diligent about reviewing and scrutinizing your calculations to ensure everything adds up.

3. Issues With Deductions & Credits

tax preparationDeductions and credits are a great way to reduce your tax burden. However, figuring which ones you’re eligible for can be challenging. In this case, enlisting the assistance of a CPA is vital to ensure you remain in compliance with all applicable tax codes.

4. Wrong Bank Account Numbers

If you’re not careful, it’s easy to get your routing and account numbers off by one or a few digits. But if you provide the wrong information, your refund will be delayed. Before inputting these figures, check they are correct and review your entry to receive your refund in a timely manner.

5. Forgetting to Sign Forms

Not properly signing forms is another common issue many taxpayers encounter. A return will not be considered valid until it’s signed, and if it is filed late, you may incur penalties. Check that your return is complete and that your spouse has also signed if you’re filing jointly before sending it.

Backed by three decades of experience, the seasoned team at Selph and Friday, CPA, will ensure your tax preparation is error-free. If you’re experiencing problems with the IRS, their professionals can help with everything from audits to missing refunds. Schedule an appointment at the Texarkana firm by calling (903) 792-0281 today. If you’d like to learn more about the full range of services offered, visit the website.

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