Tax Deadline Looming? Don't Lose Money to These 5 IRS Mistakes

Millions of Americans are filing their annual tax returns this week. Common, simple errors can lead to costly penalties from the IRS and delay your refund. Avoid these five frequent mistakes to protect your money: 1. **Wrong Bank Numbers:** Entering incorrect account or routing numbers for direct deposit will delay your refund. The IRS will send a paper check instead, adding weeks of processing time. 2. **Misspelled Names:** Your name must exactly match the one on your Social Security card. A mismatch can halt processing and require you to file an amended return. 3. **Filing Status Error:** Choosing the wrong status (like Single vs. Head of Household) changes your tax rates and deductions. Use the IRS online tool if unsure. 4. **Math Errors:** Even with tax software, manually entered data can contain calculation mistakes. These errors trigger IRS notices and corrections, slowing down your return. 5. **Unsigned Return:** An unsigned tax return is invalid. The IRS will not process it until a signed copy is received, causing a significant delay. Filers who need more time can request an automatic extension until October 15. However, this only extends the filing deadline, not the payment deadline. Any estimated taxes owed are still due this week to avoid penalties.