With the COVID-19 pandemic shaking up almost every element of existence in 2020 and into 2021, the Internal Revenue Service has opted to keep off the federal tax submitting deadline. Instead of April 15, federal taxes need to be now finished by May 17.
Despite the more fabulous month to finish the federal tax returns, people would possibly nonetheless make a few, not unusual, place errors that might motive their filings to be audited. The IRS audits around 300,000 filings every year. However, double-checking your filing and averting a few easy errors should help ensure that your return does now no longer land on the feared audit list.
Nearly 73% of all taxes in 2019 had been filed electronically, including greater than 89% of all person returns. Filing electronically is a superb way to keep away from some of the most common mistakes, including misspellings, unsigned forms, and incorrectly calculated figures. However, a few transcription mistakes may be made even greater without typing in the incorrect number.
It is essential to duplicate signed tax returns as many ordinary sorts of loans, including mortgages and scholar loans, require beyond tax information. If filers are lacking copies of preceding returns however need one, the IRS can send a duplicate for $50 each.
Keeping copies of your returns on the report can also be very reachable within the occasion of an auditor if you want to amend a return.