March 18, 1992
Errors to Avoid in Tax Season's Final Weeks
WASHINGTON - With just four
weeks left in this tax filing season, the internal Revenue Service offered advice on
avoiding some common mistakes it finds on tax forms.
Be sure the tax return is complete. Attach all W-2 forms to the front of
the return and include all other forms and schedules needed to report income or claim
deductions.
Use the correct standard deduction for your situation. People who are
over age 65 or blind have a larger deduction.
Read the tax table carefully to get the correct tax for your filing
status and taxable income. Using the wrong income line on the table is a frequent error.
Check all math, especially the subtraction to figure the refund or
balance due. Make calculations easier by rounding off cents to the nearest whole dollar:
for example, $1.49 is rounded down to $1; $1.50 is rounded up to $2.
Use the label from your tax package in the name and address block on the
form. If you don't have the package, be sure to use your correct social security number,
street address and ZIP code.
If sending a payment, put your social security number, daytime phone
number and "1991 Form 1040" (or 1040A or 1040EZ) on the check or money order.
Don't overlook tax benefits. For example, many eligible people fail to
claim the earned income credit, available for most workers with income under $21,250 who
have a child. If your income is below the filing requirement, but you are entitled to the
earned income credit, file a tax return and the IRS will send you a check for the credit.
Sign and date the return. When filing jointly, both spouses must sign,
even if only one had income.
Over 52 million returns had been filed as of March 13 -- 3.2 percent more than at this
time last year. Nearly 30 million refunds -- worth $29.7 billion -- have been processed.
At $996, the average refund is up 10.4 percent.
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