Tax Time 2016 is almost here, so it’s important to begin
thinking about filing your tax return! But something most don’t consider when
filing, are if mistakes are made. If you make a mistake on your tax return, it
usually takes the IRS longer to process it, and they may have to contact you
about that mistake before your return is processed, causing a delay in the
receipt of your tax refund. And nobody likes that!
Here are a couple of tips to avoid common mistakes when
filing:
1. Tax season opens January 19th, 2016- You
can begin filing your tax returns immediately on this date!
2. Deadline is April 18th, 2016- Taxes
are due this day. However, if you failed to do so, don’t fret- you can still
file and receive your refund! If you are not due a refund and instead owe, the
sooner you file, the less your late filing penalty fee will be. The fee could be anywhere from 5% to 25% of
your unpaid balance per month! If for some reason you can’t file right away,
immediately file for a tax extension. This way, you have until October 15th
to file without penalties.
3.
When filing online, install anti-virus and
firewall protections on your computer and encrypt tax files- This ensures thieves won’t get your
personal information, and end up stealing any money you may be due!
4.
Remember to sign it!- Missed signatures are more common than you
think, and this qualifies as an incomplete return- meaning it will be returned
to you for a signature and the process will be delayed.
5.
Double check your social security number entry, name,
& financial institution routing number/your account number, calculations
(these are all simple but common errors). And, if you misspell, have a typo, or
otherwise, your return will be returned to you and the process will be delayed.
If you are
going to be e-filing your tax return, Honor Credit Union can help! Once tax
season opens, we’ll have a link to TurboTax, an e-filing tax service, right on
our website homepage for your convenience! AND if you decide to e-file with
TurboTax through our website, all Honor Credit Union members will receive a
discount- up to $15 off! For more details, visit honorcu.com.
Don’t forget
to follow us on twitter @honorcu and let us know what you want to hear about
next week using #askhonorcu!
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