10 Most Costly Tax Mistakes in 2022 (+ Infographic)

by | Mar 21, 2022 | Taxes

Infographics Taxes 10 Tax Mistakes 1

The tax season is nearing the end and if you rush through the filing process, you may make some costly mistakes that can cost you your refund, delay processing and even lead to a letter from the least favorite uncle, Uncle Sam. 

1. Filing Errors

2. Incorrect Personal Information

3. Missing Documents & Receipts

  • Not keeping copies of prior-year tax returns.
  • Filing tax returns without including all
    documents – missing W-2s, 1099-Rs, 1099-B.
  • Not keeping receipts that support credits & deductions.
  • Not retaining investment historical cost basis info.
  • Not including Power of Attorney (POA) when filing tax returns for or with a deceased.

4. Incorrect Filing Status & Dependency

5. Deductions & Credits Inaccuracies

6. Math Errors

  • Calculating the wrong amount of taxable IRA distributions, SS income, pensions, or annuity, especially when prepared by hand.
  • Claiming RRC & child tax credits when they were already paid out.
  • Determining the wrong amount of EITC, other credits, or deductions.
  • Claiming an additional standard deduction for age and/or blindness.
  • Arithmetic mistakes.

7. Paper Return Errors

8. Business Filing Mistakes

9. Omissions

10. Fraudulent Information

Infographic

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