Spring is here which also means Tax Day is right around the corner. No matter how you file, here are four common tax filing mistakes to avoid.
Double Check Current Tax Laws
Did you know that tax codes can change every year? Before getting started, be sure to brush up on any changes. You can check out what’s new for 2019here.
Double Check Your Personal Information
When filling out your taxes, be sure to double check your personal information like your social security number or birthdate. If you are rushing to fill out your forms, it’s easy to transpose numbers or mistype them. It’s worth it to double check.
It is crucial to use your legal name on all of your tax forms. If you have changed your legal name due to marriage, divorce, or any other reason, be sure to let theSocial Security Administration(SSA) know as soon as possible. If you file taxes with a different name than the IRS or SSA has on file for you, your refund could be delayed or not processed.
Don’t Forget Your Side Gig
If your only income is from a traditional job, your tax filing should be pretty straight forward. If you have a side gig, work as a freelancer, or have any other sources of income be sure to count that as income when filling out your taxes. Detailing your earnings from your day job may be a given. Most of us even remember to include bonuses and extra commission earnings. But many people neglect to include other sources of income, such as freelance work, driving for Lyft, or any other side work they may have done throughout the year. If you had any side jobs in 2018, be sure tofill out any necessary formsand count that income.
Don’t Forget to Sign and Date Everything
If you are filing online, you can sign and date your forms digitally, or you can use a PIN number. If you are filing paper forms, be sure to look your forms over before mailing to make sure you have signed and dated them where appropriate.
How BECU Can Help
BECU has partnered with TurboTax to provide our members with the ability to file taxes with the experts. To get started, import your W-2 into their easy-to-use platform.
Be sure to check out the BECU Tax Center. From FAQs to online tax documentation, we have with the resources you need to take the stress out of tax season.