Preparing Tax Return: What You Might Forget

Last updated on February 5, 2023

When preparing a tax return, it is important to check and re-check the information you have included in the return so that the return is processed on time. Some of the most common information that many taxpayers forget to add in their returns are their Social Security Number (SSN), signature, and the Preparer Tax Identification Number (PTIN), if the return is prepared by a tax preparer. A tax return without any one of these three cannot be processed by the IRS.

The IRS returns inaccurately filed tax returns if they believe that the inaccuracy can only be corrected by the taxpayer. If there are minor miscalculations, the IRS corrects those without sending the return back to the taxpayer, but if there are major inaccuracies, the return is sent back for correction. If the IRS suspects that the inaccuracies might be intentional and made to evade taxes, the agency can perform an audit.

For the successful filing of a return, do re-check the information on your return even if it has been professionally prepared. Remember to sign the return before filing it. Spending a little time in review help in the timely processing of the return and the receiving of the refund, if any. This tax season, file accurately and file safely.