Read more: Found hereTax season is officially here and millions of Americans have started filing their tax return, many in hopes of receiving a refund . But some will have to wait longer because of mistakes on their returns.
While some mistakes can be corrected fairly easily, other errors can result in missed deductions, interest charges or even financial penalties.
If you haven't r eceived all the tax forms you require — or don't even know which you need — you're not ready to file.
"The most common mistake that you'll see is that a taxpayer will go to an accountant or go to do their taxes through a self-preparing mechanism and they'll do it without everything they need," says Luis Rivero Vazquez, a CPA and former director of tax at Taxfyle .
Make a list of all the forms you should have, including W-2s from all the employers you worked for in 2024 and any 1099 forms you expect from gig work, unemployment, IRAs or investments .
And don't forget the less common paperwork, either, like Form 5498s-SA for health savings account contributions .
⁘A taxpayer might say, 'Oh, hey, I'm getting this huge refund, but I forgot my crypto,⁘ Vazquez recalls. ⁘Or, I forgot the small investment that I sold that I need to pay taxes on.'"
Not having all the information you need on hand can mean extra time filing, missing out on hefty deductions or even underpaying your tax bill.
Math mistakes are among the most frequent errors the IRS encounters, according to the agency, ranging from basic blunders in adding and subtracting to complex calculations when claiming deductions.
If you catch the error after your file, you may be able to submit an amended return.
If the IRS determines that you underpaid, however, it will likely demand the additional money plus any interest generated since the return was due.
Tax preparation software like H⁘R Block and TaxAct automate calculations, going a long way to keeping math mistakes from creeping into your return.
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