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Common tax filing mistakes

CPA David Young discussed common mistakes made when filing your income tax return Monday on News 8 at Sunrise.
CPA David Young discussed common mistakes made when filing your income tax return Monday on News 8 at Sunrise.

This was part two of a conversation with Young that originated in February.

Young revealed 15 common errors he has observed when it comes to filing income tax returns:

1. Incorrect filing status recorded - One of the most common mistakes, according to Young, is people filing as single taxpayers when they qualify for the much more favorable head-of-household (HOH) filing status.  For example, if you're single and your non-adult child lives with you and pays for less than half of his or her own support, and you pay more than half of the household's costs, you qualify.  You may also qualify if you are still married and lived with your child but apart from your spouse for at least half the year.

2. Math errors - According to the IRS, a math error is an incorrect number entered on the return, with or without a calculation.

3. Social Security Number(s) incorrect, missing, or don't match name(s)

4. Incorrect or missing forms and schedules

5. Return not signed

6. Claiming ineligible dependents

7. Failing to claim credits (child tax credit, earned income credit, etc.) or figuring credits incorrectly

8. Failure to take into account new tax laws

9. Failure to report and pay domestic payroll taxes (if you are employing a housecleaner, in-home caregiver, nanny, etc.)

10. Forgetting to claim income that's not included on a form W-2, form 1099 or other return

11. Not filing a return when due a refund

12. Failing to figure whether or not you're liable for the alternative minimum tax (AMT)

13. Entering the wrong amount of taxable social security benefits

14. Standard deduction used when itemizing is more advantageous (the GAO estimates that more than 500,000 taxpayers could save by itemizing)

15. New York State filers are required to electronically file your return if you meet all three of the following conditions:

* You use software to prepare your own personal income tax return
* Your software supports the electronic filing of your return
* You have broadband internet access

The state has eliminated the $25 penalty for not e-filing for individual filers.

For more information, click here.

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