Posted by Unifirst Financials & Tax Resources

Mistakes made during the tax season - How should you avoid them?

Mistakes made during the tax season - How should you avoid them?

Now that the year has come to an end, it is best to watch out for any kind of mistakes made during tax season and how to best avoid them. It is very important that you are clear of all kinds of dues before you approach the age of retirement. If you are not clear then the tax dues will alter in your retirement procedure. 

Make sure that you have paid all of 

your taxes in order to lead a very smooth year ahead. Below we are mentioning a few mistakes which people usually make during the tax season and those are:

  • The tax amount can be deducted from your account

If you owe money to the IRS then this can be quite scary. You will be getting all sorts of emails from cybercriminals who will be emailing you and telling that the money has been deducted from your account and that you have paid the amount. 

However, you can easily make sure if the emails that you are getting are real or fake. A fake email would be one which would claim deduction of the tax payment and there will be a receipt in the email. If you will open the attached receipt file, you will understand that it is not a receipt but in real it is a virus which can cause a lot of problem for you. You need to check this out very carefully so that only then will you know it for sure if the money is deducted from your account or not.

  • After qualification, you are eligible to get the refund

There can be both kinds of possibilities such as the recipient owing money to the IRS or vice versa. So, both things should be kept in the mind. Even though we often come across these emails, scams are no common.

A fake statement would be one in which the recipient will be required to click upon the link and then open it. After the recipient clicks on the link, it will ask you for the identity details as well as so many other personal details. Apart from these details, it will also ask you about your passport number as well as credit card details. You should be extremely careful and make sure that you do not tell it all until and unless you confirm the source. 

You should be extremely careful because if it is a scam then giving out your entire information can be a big problem for you not to mention extremely dangerous as well. 

  • Email from the IRS about tax return being restricted

This is a very common mistake which occurs during the tax season. You will get an email from the IRS and the email will state that your tax return is restricted. Apart from this, you will also receive an email which will state that your account is locked and no longer functions. However, you can solve the problem by convincing the IRS to click on the link and it will then unlock your account with the help of the application which has all of your personal details. 

A contribution to the HAS can help you to avoid mistakes during the tax season

If you have chosen the any health insurance, you have to wait for an entire year in order to contribute to an HSA. This can be extremely beneficial for you even more than the IRA because any time that you want to withdraw an amount, you can do it very easily without having to bear any kind of penalties or interest. 

There are numerous benefits of HSA that after getting to know about all of them, you will definitely want to fund them in front of many other accounts. You can withdraw money from your account at any time freely without any worry but make sure that you keep the bill with you.

Wrapping up

Mistakes made during the tax season are very common as well as occur occasionally. However, if you plan smartly and evaluate properly so you can avoid all kinds of scams as well as mistakes which are made during the tax season. 

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