Avoid Common Tax Mistakes
March 30, 2016
Have you ever submitted your tax return only to discover an error? If so, you probably filed an amended tax return. Tax returns filed correctly the first time cost less to process and refunds are issued in less time.
Look out for these common errors to ensure your tax return is correct the first time around.
- Math errors. Even with a calculator, it’s easy to miss a step, to add where you should have subtracted, or to transpose some numbers when writing them down. Double check your work to be sure your math is correct.
- Claiming credits and deductions to which you are not entitled. It is important to only claim credits and deductions to which you are entitled. For example, $3,000 is the most you can claim as a renter’s deduction; anyone who claims more than that has made an error.
- Forgotten attachments. Forgetting to send a W-2 or a Schedule 1 to support a renter’s deduction or a homeowner’s property tax deduction can slow down the processing of your return. The Indiana Department of Revenue will send a letter requesting the additional documentation.
Electronically filing your tax return makes it easier to avoid mistakes. E-filed returns have only a two percent error rate, while paper-filed returns have a 20 percent error rate. See if you qualify to file your federal and state taxes for free at www.freefile.dor.in.gov.
Don’t worry! We know that mistakes happen. If you do need to file an amended return, download Form IT-40X here.
Need help? Give us a call at 317-232-2240. Phone lines are open Monday through Friday from 8:00 a.m. to 4:30 p.m.
- 2017 Annual Report Published
October 16, 2017
Are you interested in learning more about what we do at the Indiana Department of Revenue and what we are planning for the future? Read more...
- Struggling to pay your taxes? Taxpayer Advocate Office (TAO) is here to Help
October 11, 2017
Having troubles paying your taxes? We have the solution, the Taxpayer Advocate Office. Read more...
- Are you following #INDOR on social media?
September 27, 2017
- Tax Tips for Direct Sales Opportunities
September 20, 2017
- What Does the Customer Service Division Do?
September 06, 2017
- Back to School Credits and Deductions
August 23, 2017
- Tax Help for Homeschoolers
August 16, 2017