Filing your returns can be a difficult activity especially for those who are a bit new to the game. For this reason, it is important that you make the proper returns so that you don’t pay too much while at the same time you don’t attract the authorities’ audits and investigation due to seemingly fraudulent and misleading returns. There are many mistakes that people do make. However, here are three that you should never make if you want to be at peace with the IRS.

Failing To Sign Your Returns

Now, this is probably the most simplest of all the tasks that are associated with filing returns. To be honest, you really can’t compare this to the job of identifying the taxable and non-taxable income, the tax deductible expenses, the tax brackets and so forth. However, there are times when people fail to append their signatures or the signatures of their spouses. Though this may seem to be a small matter to you, it is big. In fact, without your signature, the IRS will assume that you have actually not filed a return. This is because you wouldn’t have claimed responsibility for the information that you have provided them.

Lying To The IRS

There is always a desire to get shortcuts especially when you see that you are going to get some money in return. Unfortunately, there are some tax advisors and preparers who will actually tell you and advise you to try and bend the rules. The ultimate result is that you can end up being heavily penalized and it will cost you a lot more in the money that you will be required to pay to the IRS. In addition to this, the cost of hiring lawyers for your defense might end up to be crippling. Stick to the simple and honest truth and you won’t have to regret a lot when the time for an audit comes. And with more truth, you will not be audited by the IRS compared to someone who will supply information that is misleading.

Filling Your Returns Late

This is another thing that many people are fond of. People usually have a long time to prepare for their returns filing. As you and I know, a good number of people will however procrastinate waiting for the last minute before they start running back and forth to make sure that they beat the deadline. At the end of the day, they will end up filling their tax returns late and this will of course be detrimental to them. To avoid being caught up by time, always make sure that you start early with your tax preparations. This ways, you will not only be able to meet the deadline for the submission of tax returns, but you will also be able to get the best benefits and you will have all your documentation ready and information will be ready too.

All in all, the overall responsibility of filling your tax returns early lies with you. You will not blame the taxman, the preparer or advisor, or any other person who let you down.

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Category: Finance/Taxes
Keywords: tax refund