"Tax season brings on a great deal of anxiety and confusion for many Americans," said, Thomas R. Evans, President and CEO of Bankrate.com . "Bankrate can help alleviate consumer's questions and concerns by providing them with the tools and information they need to help them through the upcoming tax season," Mr. Evans added.
Other key findings:
- Two-thirds of Americans would prefer to maintain control over their tax returns (65 percent) rather than let the government prepare their returns, if given that option.
- Even though two-thirds claim to feel comfortable with tax planning (67 percent), nearly four in ten (38 percent) look forward to getting a big tax refund each year because they have more money withheld from their paychecks than necessary.
- Nearly three out of ten Americans (28 percent) admit they feel clueless when it comes to doing their taxes.
Whether the tax return is completed by an individual or a tax professional, a close review is imperative to avoiding tax return mishaps that could delay a refund or result in an unexpected payment to the government. Bankrate expert, Kay Bell, highlights ten tips for avoiding an incorrect tax return.
1) Double-check your math
2) Make sure your Social Security number is correct
3) If you fill out your return by hand, use the preprinted labels sent by the IRS
4) Review the three types of 1040 forms available and determine which one best suits your tax situation
5) Be careful not to omit forms, such as W-2 forms.
6) Report any interest or dividend income earned on financial accounts.
7) Be sure to use the correct tax table
8) Make sure your check is complete when making a payment - sign it, include your Social Security number and make it payable to the U.S. Treasury, not the IRS.
9) Sign the return before sending it in. The IRS won't process a tax return without a signature.
10) File before the deadline. The late-filing penalty is 4.5 percent of the tax you owe for each month or part of a month, that your return is late.
