Don't make these tax mistakes!

No one wants to wait longer than necessary to get their money. Filing your taxes accurately is key to avoiding delays and maximizing your refund. Here are five common tax filing mistakes to watch out for this tax season so you can avoid issues and get your income tax return as quickly as possible. 🚀

1. Wrong Information on Your Tax Forms

Simple errors, like a misspelled name or an incorrect Social Security number, will slow down your income tax return process. Double-check these details before filing:

• Name matches your Social Security card exactly.

• The correct account number for direct deposit.

• Dependents’ information is accurate.

Even small errors can lead to processing delays or even rejection of your tax forms by the IRS.

Pro Tip: If you’ve recently changed your name or have a new Social Security card, ensure it’s updated with the IRS to avoid scrutiny. Taking a few extra minutes to verify every detail can save you weeks of waiting for corrections.

2. Wrong Filing Status

Choosing the wrong filing status is a common tax mistake that can affect your refund or result in a higher tax bill. Filing status determines not only your tax bracket but also the deductions and credits you’re eligible for. Here are the options:

• Single: If you're not married.

• Head of Household: You’re unmarried but support a dependent.

• Married Filing Jointly/Separately: For married couples.

For example, filing as Head of Household could reduce your tax bill significantly compared to filing as Single, provided you qualify. Double-check the IRS requirements for each status and select the one that best fits your situation.

Filing with the wrong status can invite IRS scrutiny, so get this right the first time.

3. Math Errors and Incorrect Calculations

Making a math error on your tax forms can lead to serious problems, like owing more than expected or delaying your refund. Common calculation mistakes include:

• Miscalculating your standard deduction or itemized deductions.

• Incorrectly adding up income or expenses.

• Errors in determining your tax bill or credits.

For instance, miscalculating deductions like student loan interest or education credits can mean missing out on hundreds of dollars. Similarly, underestimating income could lead to penalties if the IRS finds discrepancies.

Pro Tip: Rely on tax software or a trusted professional to avoid these common errors. Many programs will automatically calculate deductions and credits for you, reducing the risk of mistakes.

4. Missing Tax Documents

Forgetting to include all your tax documents is another frequent error. Before filing, make sure you’ve gathered:

• W-2s from every employer.

• 1099 forms for freelance work or side gigs.

• Documents for sales tax, investments, or education expenses.

Each missing document could delay your refund, as the IRS may flag your return for review. For example, failing to report income from a side gig captured on a 1099 form could lead to additional taxes and penalties.

Stay organized by creating a checklist of required documents.

5. Not Filing by the Tax Deadline

Failing to file by the tax deadline is one of the most avoidable common mistakes. Missing the deadline can result in penalties, interest, and delayed processing of your refund. If you're unable to file on time, request an extension to avoid late-filing penalties. Pay any estimated taxes owed to minimize interest. The tax year flies by quickly, so mark your calendar and stay ahead!

Final Thoughts

Avoiding these common tax filing mistakes will help you get your tax refund faster and with fewer headaches. And guess what? Soon, you’ll be able to file directly through Step: fast, easy, & 100% free.

Plus, when you choose to receive your refund via direct deposit into your Step Account, you’ll automatically be entered to win big. 🎉 Five lucky filers will win $1,000!