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Four Common Errors in Tax Returns in 2023
1.
2. One of the simplest yet most common errors is basic math mistakes. From addition
errors to miscalculations in percentages, even a small error can lead to significant
discrepancies in your tax return. Always double-check your calculations and consider
3. Choosing the wrong filing status is another frequent error. Your filing status (single,
married filing jointly, head of household, etc.) affects your tax rate and the deductions
you're eligible for. Make sure to select the correct status based on your personal
4. Providing incomplete or inaccurate information is a common pitfall. Ensure
that you've reported all sources of income, including freelance work,
dividends, and rental income. Additionally, double-check personal information
5. Many taxpayers miss out on valuable deductions and credits simply because they're not
aware of them. Research and understand the deductions and credits applicable to your
situation, such as education credits, homeownership benefits, or energy-efficient home