The most common mistake on tax returns is...get ready...wrong social security number. The problem with an incorrect social security number is that the names will not match up and this will register as an error with the IRS computers and your return will be rejected. When this occurs all of your credits and deductions will not be credited to your account. This seems like a simple mistake but your social security number is how the IRS identifies you and how they match your deductions with your tax liabilities.
This is something as simple as putting your name on your paper in school but sometimes it can be over looked. Before you file your taxes, double check the information on your paperwork and make sure everything is correct and accurate. The less contact you have with the IRS the better!
Your social security number is also your tax ID and it is linked to income statements, savings account interest, and retirement plans. It is the most important part to claiming your tax credits.
If you own a dental practice or medical practice it is always a good idea to hire a specialized Dental accountant or medical accountant to ensure you are filing correctly. Again, the less the IRS contacts you, the better!
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