Tax Season 2024: Common Tax-Filing Mistakes To Avoid

KEY TAKEAWAYS 

• NotaryLive helps avoid tax-filing errors like inaccurate data and math mistakes
• It offers online notarization for tax returns, especially for immigration or financial aid
• The service simplifies notarizing tax documents online, ensuring legal recognition

When it comes to filing your taxes in 2024, there may be some cases in which mistakes are in your tax return. To avoid these common mistakes, NotaryLive is here to help ensure that you won't during this tax season so that your tax-filing process seems like a breeze!

This is especially important since the tax season deadlines are coming up. Here are important tax-filing deadlines for businesses and individuals.

March 15th, 2024: Partnerships, multi-member LLCs, and S-Corps need to file if calendar year business

April 18th, 2024: Small businesses & Individuals

1. Tax-Filing Mistakes To Avoid Tax Season 2024

Here are common mistakes on tax returns that may come about during your tax filing process. Before you go into filing your taxes, it's good to know these mistakes so that you can avoid them.

• Entering Information Inaccurately - Any type of income received on an information return should be entered correctly and carefully. Make sure calculations are valid - you can use tax software to help prevent math errors for the best accuracy.
• Making Math Mistakes On Tax Forms - Being one of the most common mistakes, math errors can be addition or subtraction to even more difficult calculations. Be sure to double-check your math. As previously mentioned, tax software may help you to prevent math errors with easy calculations.
• Filing with Incorrect Filing Status - Using the Interactive Tax Assistant on the IRS website, this page can help taxpayers choose the correct status. These Filing statuses could be: single, head of household, married filing jointly, married filing separately, and qualifying widow(er).
• Providing an Unsigned Tax Form - A tax return that is not signed is invalid. You can file your return electronically before sending it to the IRS if need be.
• Entering Incorrect SSN - As appearing on your Social Security Card, make sure when giving your SSN it is exactly what's on your card.
• Misspelling Names on Tax Forms - Your name should match what is printed on your Social Security Card.
• Filing Taxes Too Early - Before filing your taxes, you should wait to receive all the proper tax reporting documents to risk making a mistake that could possibly cause a delay in your income filing process.
• Failing to Figure Tax Credits or Deductions Accurately - To avoid making mistakes while figuring out your tax credits, such as earned income, child & dependent care, child tax, or recovery rebate credit, you can you the Interactive Tax Assistant to help determine if you are eligible for tax credits or reductions.
• Inputting Incorrect Bank Account Numbers on Tax Forms - If you require a refund, you should choose direct deposit, which is the fastest way to get your money back. Make sure to enter the correct routing and account numbers of your bank information on your tax return.
• Paper Filing Errors - This common mistake involves an error on paper file tax returns. People may: forget to sign and date the return, not put enough postage on the envelope, send their tax return to the wrong IRS office, forget to include the necessary forms, or arrange tax forms in the wrong order.

We hoped to know these common mistakes helped you have an efficient and convenient filing process for 2024!

2. Needing a Notarized Copy Of Your Tax Return?

As tax season approaches, many individuals and businesses are looking for more convenient ways to file their taxes online. However, there are certain situations where a notarized copy of your tax return may be required.

A couple of examples can be when applying for immigration sponsorship or financial aid. In these cases, NotaryLive can provide the online notary service you need to get your tax return document notarized. With NotaryLive:

1. You can easily upload a copy of your tax return 2024 document.

2. Connect with a licensed online notary public via audio-visual technology.

3. The notary will electronically notarize your document. This ensures that your tax return is legally recognized and accepted by the relevant authorities.

With remote online notarization (RON), getting your tax return remotely notarized with NotaryLive can help you meet any necessary tax filing requirements in a timely manner. Plus, the IRS refund schedule and estimated tax return deadlines are approaching (March 15th & April 18th, 2024). NotaryLive will help you get this done quickly and efficiently.

Learn more about why or how to notarize a copy of your tax return online.

How NotaryLive works in 4 simple steps:

To get started, you can click the button below, 

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FAQ For 2024 Tax Season

• When does the 2024 tax filing season begin?
  • The official start date of the 2024 tax season is Monday, January 29th, 2024. The Internal Revenue Service (IRS) will begin accepting and processing 2023 tax returns. Taxpayers who employ software or specialists can begin working on their taxes early. For example, most software providers accept electronic filings and retain them until the IRS can review them later in the month. Additionally, IRS Free File will be available on IRS.gov beginning January 12th, 2024, before the regular filing season begins.
• What changes can taxpayers expect during the 2024 filing season? 
  • The IRS strives to improve taxpayer services. New and enlarged tools and resources include:
    • Taxpayer Assistance Centers (TACs) will open or reopen with longer hours at various locations.
    • Upgraded toll-free helpline: The IRS will boost help and cut wait times with a customer call-back option.
    • Improvements to “Where's My Refund?” Taxpayers will receive more thorough refund updates in straightforward English. Mobile devices will function easily with the tool.
• Do Social Security recipients need to file a tax return? 
  • Social Security recipients may inquire about tax returns. Although every financial circumstance is different, it's important to know the guidelines. Generally:
    • Social Security recipients: You seldom need to submit a tax return if your sole income is Social Security.
    • SSI recipients: Supplemental Security Income (SSI) recipients seldom file taxes.
    • SSDI recipients: If you get SSDI, your income determines whether you must file.
  • Remember that circumstances vary, so contact a tax professional or IRS guidelines.

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**Legal Disclaimer - We are not lawyers or attorneys and do not give any legal advice. Please check with your attorneys, advisors, or document recipients if you have any unanswered questions about your documents.

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