Common tax filing mistakes delay refunds for Americans

When filing taxes, Americans often make simple mistakes that can delay refunds or reduce the amount they receive. Here are six common errors and tips to avoid them. One frequent mistake is submitting incorrect personal information. This can include errors like entering the wrong Social Security number or misspelling your name. If you make a mistake with your birthday, it could delay your refund while the IRS investigates. It's essential that the name on your tax return matches exactly what is on your Social Security card. Another common error is math mistakes. Tax software can help prevent these errors, but it's still wise to double-check your numbers. A small error, like a misplaced decimal, can significantly impact your refund or tax amount. Many people also misunderstand their filing status, which can affect taxes owed. For example, someone might file as "Single" instead of "Head of Household," which typically offers better rates. Married couples should carefully consider whether to file jointly or separately, based on their specific situation. Some taxpayers mistakenly overestimate deductions. Certain deductions have income limits, and you cannot claim them if you earn above that threshold. It's important to be aware of such details to avoid issues with the IRS. Tax season started on January 27, and returns are due by April 15. If you need more time, you can file for an extension, giving you until October 15. Be aware that mistakes can lead to longer waits for refunds. The IRS usually processes refunds within 21 days if filed electronically. Filing your tax return without checking the bank account information can also lead to issues. A single wrong digit can direct your refund to the wrong account, which can complicate recovery. Furthermore, ensure you sign your tax return before submission, as missing a signature can make your return invalid. For joint filers, both spouses must sign. In summary, being careful with personal information, math errors, filing status, and signatures ensures a smoother tax filing process and faster refunds.