5 Common Tax Filing Mistakes and How to Avoid Them
Filing taxes can feel overwhelming, but it’s often the small mistakes that create the biggest headaches. Whether you’re filing as an individual or running a small business, avoiding common errors can save you time, money, and stress. At JR Chance Accounting and Tax Service, we’re here to help you file confidently and accurately.
Here are five common tax filing mistakes—and how to avoid them:
1. Missing Important Deadlines
Forgetting to file or pay taxes on time can result in penalties and interest. Many taxpayers also overlook quarterly estimated tax payments if they’re self-employed.
How to Avoid It:
Mark all important deadlines on your calendar, including the filing deadline (usually April 15) and quarterly estimated tax due dates.
If you need more time, file for an extension to avoid penalties.
2. Filing with Incorrect or Incomplete Information
Simple mistakes like entering the wrong Social Security Number or leaving out required forms can delay your refund—or worse, trigger an IRS audit.
How to Avoid It:
Double-check all personal and financial information before submitting your return.
If you’re unsure whether you’ve got everything in order, the team at JR Chance Accounting and Tax Service can review your documents and ensure nothing gets overlooked.
3. Overlooking Tax Deductions and Credits
Many taxpayers miss out on valuable deductions and credits they’re entitled to. These include the Earned Income Tax Credit, education credits, and deductions for charitable donations.
How to Avoid It:
Keep track of all eligible expenses throughout the year, such as education costs, childcare expenses, and retirement contributions.
Not sure if you’re claiming everything you qualify for? JR Chance specializes in helping individuals maximize their deductions and credits so you don’t leave money on the table.
4. Filing Under the Wrong Status
Choosing the wrong filing status can affect your tax liability, deductions, and even your refund. For example, many single parents overlook the Head of Household status, which offers more benefits.
How to Avoid It:
Review the IRS filing status options carefully to determine which applies to your situation.
If you’re unsure, JR Chance Accounting and Tax Service can help guide you through the process and choose the right status for your needs.
5. Not Seeking Professional Help
DIY filing can be tempting, but it’s easy to miss important details or make costly errors. Tax laws change frequently, and staying up to date can be challenging.
How to Avoid It:
Hire a trusted tax professional, especially if your situation is complex or you’ve experienced changes like starting a business, getting married, or buying a home.
Reach out to any of our team at JR Chance Accounting and Tax Service for personalized guidance. With years of experience, JR is here to make tax filing simple and stress-free.
Don’t Let Tax Mistakes Cost You
Filing your taxes doesn’t have to be a stressful experience. By avoiding these common mistakes, you can save yourself time, money, and unnecessary hassle. At JR Chance Accounting and Tax Service, we’re here to ensure your taxes are done right the first time.
📞 Contact JR Chance Accounting and Tax Service directly at (870) 777-3270 or visit www.jrchance.com to schedule your consultation. Let’s make tax season easier—together!