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	<title>The Simple Tax &#187; Filing</title>
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		<title>Nine Common Mistakes Made on 2008 Tax Returns</title>
		<link>http://www.thesimpletax.com/filing/nine-common-mistakes-made-on-2008-tax-returns/</link>
		<comments>http://www.thesimpletax.com/filing/nine-common-mistakes-made-on-2008-tax-returns/#comments</comments>
		<pubDate>Wed, 01 Apr 2009 21:00:22 +0000</pubDate>
		<dc:creator>Adam</dc:creator>
				<category><![CDATA[Filing]]></category>
		<category><![CDATA[common mistakes]]></category>
		<category><![CDATA[irs]]></category>
		<category><![CDATA[tax returns]]></category>

		<guid isPermaLink="false">http://www.thesimpletax.com/?p=137</guid>
		<description><![CDATA[
			
				
			
		
The IRS just released a list of the 9 most common mistakes on recently filed tax returns. Make sure you check each one of these as you send in your taxes over the next few days.
1. Recovery Rebate Credit
Many returns filed in 2009 have errors involving the Recovery Rebate Credit, a credit for people who [...]]]></description>
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<p><span class="drop_cap">T</span>he IRS just released a list of the 9 most common mistakes on recently filed tax returns. Make sure you check each one of these as you send in your taxes over the next few days.</p>
<h3>1. Recovery Rebate Credit</h3>
<p>Many returns filed in 2009 have errors involving the Recovery Rebate Credit, a credit for people who did not receive a stimulus payment in 2008 or who did not receive the maximum amount. To avoid delays in tax refunds, it is critical that taxpayers know whether they received a payment in 2008 and the correct amount of that stimulus payment. For people using a paper tax return, the stimulus payment amount will be required when completing the related worksheet. For people using tax software, the stimulus payment amount will be needed as part of the return preparation process.</p>
<h3>2. Incorrect or Missing Social Security Numbers</h3>
<p>Make sure you are entering the correct Social Security numbers on the return. Double check them against you and your dependents Social Security Cards. If you incorrectly enter a Social Security number, the IRS will reject your return and ask for the corrected number.</p>
<h3>3. Incorrect or Misspelling of Dependent&#8217;s Last Name</h3>
<p>When you enter your dependent&#8217;s last name on the return, be sure you are entering it the same as it appears on their Social Security card.</p>
<h3>4. Filing Status Errors</h3>
<p>Make sure you enter your correct filing status on your return. It will be either single, head of household, qualifying widow, married filing jointly or married filing separately.</p>
<h3>5. Math Errors</h3>
<p>This is a pretty obvious one. Just be sure to double check everything on your return, especially if you are filing by hand. Get out that handy dandy calculator! Keep in mind that when you file electronically, the software takes care of the math for you.</p>
<h3>6. Computation Errors</h3>
<p>Take your time when doing these. Many taxpayers are making mistakes when figuring the taxable income, withholding and estimated tax payments, Earned Income Credit, Standard Deduction for age 65 or over or blind, the taxable amount of social security benefits, and child and dependent care credit. Be sure to double check these and also be sure you are utilizing the IRS forms.</p>
<h3>7. Incorrect Bank Account Numbers for Direct Deposit</h3>
<p>This is a really important one! If someone else is filing your return, make sure you double check to make sure the numbers are correct. <strong>I actually heard of a man who put the wrong account number on his return and then the individual that received his refund spent the money. He is now working with the IRS to try and get back his refund.</strong></p>
<h3>8. Forgetting to Sign and Date the Return</h3>
<p>How obvious is that one?</p>
<h3>9. Incorrect Adjusted Gross Income</h3>
<p>Taxpayers filing electronically must sign the return electronically using a personal identification number. To verify their identity taxpayers will be prompted to enter their AGI from their originally filed 2007 federal income tax return or their prior year PIN if they used one to file electronically last year. Taxpayers should not use an AGI amount from an amended return, Form 1040X, or a math error correction made by IRS.</p>
<p><strong>You also use your 2008 AGI to calculate many other things on your return. Making sure that this amount is correct can save you a ton of money!</strong></p>
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		<title>IRS Has $1.3 Billion For People Who Have Not Filed a 2005 Return</title>
		<link>http://www.thesimpletax.com/organization/irs-has-13-billion-for-people-who-have-not-filed-a-2005-return/</link>
		<comments>http://www.thesimpletax.com/organization/irs-has-13-billion-for-people-who-have-not-filed-a-2005-return/#comments</comments>
		<pubDate>Wed, 04 Mar 2009 13:00:50 +0000</pubDate>
		<dc:creator>Adam</dc:creator>
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		<category><![CDATA[irs]]></category>
		<category><![CDATA[tax refunds]]></category>
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		<guid isPermaLink="false">http://www.thesimpletax.com/?p=109</guid>
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According to the IRS, there are around $1.3 billion in unclaimed refunds from the 2005 tax year. These unclaimed funds are for individuals who did not file a tax return in 2005. Due to the three-year look back, individuals have until April 15th, 2009 to claim these refunds or they may be gone for good.
IRS [...]]]></description>
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<p><span class="drop_cap">A</span>ccording to the IRS, there are around <a href="http://www.irs.gov/newsroom/article/0,,id=204931,00.html" target="_blank">$1.3 billion in unclaimed refunds</a> from the 2005 tax year. These unclaimed funds are for individuals who did not file a tax return in 2005. <strong>Due to the three-year look back, individuals have until April 15th, 2009 to claim these refunds or they may be gone for good.</strong></p>
<p>IRS Commissioner Doug Shulman says, &#8220;especially in these tough economic times, people should not lose out on money that is rightfully theirs. People should check their records, especially if they had taxes withheld from their paychecks but were not required to file a tax return.  They may be leaving money on the table, including valuable tax credits that can mean even more money in their pockets.&#8221;</p>
<p><strong>The IRS estimates that half of those that could claim these refunds for the 2005 tax year would receive more that $581.</strong> Many of the individuals in this category had too little income to file a return but had taxes withheld from their wages or paid quarterly estimated taxes. <strong>There is no penalty assessed by the IRS for filing a late return qualifying for a refund.</strong></p>
<p>Many low-income workers may not have claimed the Earned Income Tax Credit (EITC) or even knew about it. Unmarried individuals that earned less than $35,263 in 2005 and had more than one qualifying child are eligible for the credit. Keep in mind that you must have earned income and not be able to be claimed by someone else in order to qualify for the credit. If you are single with one child the threshold is $31,030. If you are single with no children and at least 25 years old, you can qualify for the EITC with less than $11,750 in income. The rule on being claimed as a dependent also applies. These numbers are slightly increased for individuals filing married filing jointly.</p>
<p><strong>Double check your 2005 taxes and make sure you filed if you were due a refund. If you didn&#8217;t file, get those returns in by April 15th of this year to get what you are owed!</strong></p>
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