1. Filing under the wrong filing status
Many people mistake single vs. HOH or MFS vs. HOH. You wouldn’t think this would happen, but I had a new client that filed this incorrectly for the past 2 years at another tax agency. Once I amended it, she received an additional $3,000 in her refund.
2. Missing tax credits
Don’t miss out on EITC or other dependent credit. For your child in college – education credits are available.
3. Not including all necessary tax forms with the tax return
Even though the first $10,200 of unemployment wasn’t taxable this year, you still have to include the form to receive credit for already paid federal tax. Many people miss 1099C for the cancellation of debts.
4. Not filing at all because you owe
False: More penalties will incur by not filing. Even if you can’t pay, file on time so you avoid the late filing penalty. We can help you set up a payment plan.
5. I already paid, I don’t need to file
So many people lose refunds because they file after the three-year statute of limitations to receive their refund. For instance, 2018, 2019, and 2020 will still issue refunds currently standing in 2021. For any tax return filed prior to 2018, the IRS will not issue the refund even if you are due one.
A free review is available at Meadville Tax Service. Call us today for an appointment at (814) 333-2488.