As the May 17 deadline approaches, it’s important to make sure that you file a precise, error-free tax return. That’s why today we share with you three basic mistakes to avoid when filing your 2020 tax return.
Sign and Date Your Return
In taxes, as in many other things, getting the basics right makes everything easier. Ensure that your return is signed and dated before filing it, and don’t forget that if filing a joint return, both spouses must sign and date the return.
Make Sure That Names and Social Security Numbers Are Correct
Again, the basics are essential. Remember that all Social Security Numbers (SSN) and names on your return must appear exactly as printed on the Social Security Card. Your return must include the name and Social Security Number of any person you claim as a dependent. If a person you claim as a dependent is not eligible for an SSN, then you should list the Individual Tax Identification Number (ITIN) instead.
Double-Check Your Filing Status
While everyone is familiar with names and Social Security Numbers, filing statuses are less-known but equally important. Your filing status is a category that determines how much you pay in taxes and your eligibility for some tax credits. Listed below, you will find the five filing statuses:
- Married filing jointly
- Married filing separately
- Head of household
- Qualifying widower with dependent child
When determining the right filing status, keep in mind that your marital status on December 31 is your status for the whole year.
As you can see, the five filing statuses are pretty self-explanatory but if you have questions, don’t hesitate to turn to a tax professional for assistance.
Contact the Tax Experts at Delgado’s Insurance
If you are looking for assistance with your 2020 tax return or your stimulus payment, contact our experts at Delgado’s Insurance. Our mission is to help you make sense of your options to reduce your liability and maximize your deductions while staying compliant with all relevant laws and regulations.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (email@example.com), or through our social media accounts (Facebook, Twitter) to get a free quote and learn more about our wide array of services.