Filing taxes is one of the biggest headaches you can run across as a working, productive member of society. Since the tax laws change on what seems like a daily basis, it is really easy to get confused, follow the wrong instructions, and even fill out the wrong year form and not realize it, until the IRS, Internal Revenue Service, sends the whole shebang back to be redone. With that being said, read on below for some of the W-2 corrections and mistakes made every year, so you can hopefully avoid them.
Using the Wrong Form for the Wrong Year
You should always you the W-2 form for the year that you are filing, not the year that you are in. For example, if you are filing for 2003, you would not use the tax form for 2015. This can be confusing, but simply checking the date at the top of the form will help you to keep track. Just don’t get in a hurry to get it done and forget.
Missing the Deadline
While the April 15th deadline is firmly ensconced in most American citizens brains as the dreaded day that taxes are due, believe it or not, it is easy to get busy and miss the deadline entirely. This ends up in penalties, interest, and late fees that you don’t want to deal with. It’s best to just mark the date in red on the calendar then time you get it for the New Year.
One of the biggest mistakes that have to be corrected is the classic math mistakes. While everything is done on computer these days, mistakes can still be made and people are only human. Math mistakes can reduce your refund or end with you getting a correction from the IRS because you owe them money, you didn’t think you owed. It’s best to go over your figures carefully, before you click, submit to avoid mistakes on down the line.
Additional income from a side job or pension often lands people in the world of W-2 corrections. The IRS examiners will certainly let you know when you owe money on these things and you can be sure that they will come to collect. Sit down and think about it before you file those taxes and make sure that you have accounted for every penny you have made over the last year.
Sign the Forms
Believe it or not, especially when the form is being filed electronically, many people forget to sign the form. Your signature is required when you file your taxes, so be sure that you check the form and then check it again, to ensure that you signed in the proper spot and all lines are filled in as well.
These are just a few of the most common W-2 corrections that you will run across when filing your taxes. Examine them, check your form carefully and this year’s tax filing should go off without a hitch.