Joshua Galyon
A community-driven tax professional, William Ryan Martensen has owned and worked as an enrolled agent at Martensen Tax in San Juan Capistrano, California, since 2008. In this position, William Ryan Martensen strives to help clients minimize their tax burden and prevent unnecessary overpayments.
Filing taxes is a stressful process for many Americans. Studies reveal that up to 65 percent of Americans feel stressed during tax season. Taxpayers may experience additional stress if they make errors while filing their taxes. Research shows that 21 percent of paper tax returns feature one or more errors, and the Internal Revenue Service reports that Americans made 2.7 million math errors in 2024. Incorrect calculations can cause you to pay the wrong amount. If you owe more than you paid, the IRS will charge you interest on any unpaid taxes. Individuals can reduce their stress levels, as well as decrease their risk of financial penalties and delayed returns, by avoiding a few common tax filing mistakes.
Disorganization is one of the most common contributing factors to tax errors in the United States. Individuals and married couples filing jointly need to assemble various tax forms and documents before they can begin preparing their taxes with an accountant or through a self-preparation platform. In order to simplify the process, taxpayers should give themselves enough lead time to make a list of necessary forms, such as W-2 forms from all employers and 1099 forms for gig work, unemployment, and investments, and then collect the documents before filing.
As previously mentioned, math errors rank among the most common mistakes that Americans make while filling out their tax forms. Math errors can range from basic arithmetic mistakes to complex equations involving special credits, income brackets, and deductions. Taxpayers should ensure that they always double-check their math.
They should also be sure to watch out for typos and enter accurate information on their tax forms, such as wages and dividends. Moreover, if someone uses the wrong filing status to prepare their tax documents, it can significantly delay processing and alter their tax outcome. Individuals need to carefully examine the common filing statuses, including single, married filing jointly, married filing separately, and head of household before continuing. In addition, a person may qualify for certain benefits and tax credits as a widow or widower.
On the topic of special tax credits and deductions, Americans need to understand two common types of tax filing errors: incorrectly claiming or applying a deduction and failing to use available tax credits. Taxpayers should never use tax credits and deductions that they do not qualify for, as this could trigger an audit.
Americans lose millions of dollars through unclaimed tax credits and refunds. When you file your taxes, make sure you know about all of the deductions and other tax breaks that could be available to you. For instance, if you have a child or other dependent, you may be able to claim the Child and Dependent Care Credit.
With the prevalence of mistakes that can happen, taxpayers should consider the value of working with a knowledgeable accountant or tax professional to prepare and file their taxes.
