Doing your own taxes may seem like a good idea, but if done incorrectly, you could run into trouble. Misinformation may lengthen the time it takes to receive your tax refund. When it comes to tax filing for seniors, you should enlist the services of a CPA to avoid mistakes. Have a question? Ask the team at Marcia Campbell, CPA.
When seniors file their taxes, mistakes happen. Learn several mistakes that folks who prepare their taxes make and why you need professional services for tax preparation.
Math errors are one of the most common mistakes that can happen when filing your taxes. As simple as it sounds, a minor mistake in addition or subtraction can result in problems. In 2021, there were 10 million unprocessed returns from the IRS.
Related Article: How to Help Aging Parents Before Tax Season
Missing Tax Deductions
When tax filing for seniors, you may be surprised to learn that there are tax deductions you can include. If you don’t know what tax deductions apply to you as a senior, you could be missing out on additional tax refund money.
Incorrect or Missing Information
When you are dealing with tons of numbers on a document, it can be easy to write in the wrong number or miss a box or two. Missing info can lead to delayed or rejected returns. As we mentioned before, mistakes happen. If you’re dedicated to doing it right the first time, you should get help from a professional tax preparer.
Related Article: 2022 Tax Season Tips for Seniors
Filing Taxes Late
While it sounds obvious, another one of the biggest mistakes when doing your taxes is filing taxes late. This can make receiving your tax refund even later than anticipated – and worse, filing late can lead to IRS penalties. According to the New York Times, the IRS has at least 10 million unprocessed returns from 2021’s tax season. Consider starting tax filing for seniors sooner than later in 2022.
The solution to tax filing for seniors. Schedule time with Marcia Campbell, CPA.
If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.
As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services including elder & financial care, court & trust accountings as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.