The extension period for tax filings would end on October 15th, 2009. Though a large number of people have filed their tax returns within April 15th, 2009, some of us would be filing within this extension period. Tax filings can be quite hectic and a small error will lead to the loss of your deductions or credit. So, what are the common mistakes you should avoid while filing tax returns? Just, check it out:

• Filing Status – Lots of people face problems due to the error in their filing status. You should check only one filing status on the tax return. Apart from this, you should check the appropriate exemption boxes.

• Triple direct deposit – Taxpayers can get their refund directly deposited into three accounts. It’s really a good way to save your refunded money. However, the more numbers you enter on a tax form, there are chances that you enter them in a wrong way. If you give a wrong account number, you would lose your refund money.

• Calculations – Take care when you calculate your taxes. Make sure that you double-check all figures on your return so that there are no mistakes when you calculate. Use a calculator and double check the numbers. You can even use a tax software program to file your tax return. This will help reduce your math errors.

• Tax Table – If you’re using the IRS tax tables, use the correct column for your filing status. If you are using the wrong tax table, you will face problems in the long run.

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April 15th is round the corner and it’s common for last minute filers to rush through their tax forms. Rushing through the tax forms may increase the chances of making unnecessary mistakes. It has been noticed that due to these unnecessary mistakes, the tax refunds from the government are delayed. Here are some of the tax tips which may help you in filing your taxes for 2009:

1. Create a collection point: Once you start receiving the tax-related documents, you can create a collection point to keep a track of them. You may keep them in a large envelop so that you have all the data ready when you start filling out the forms.
2. Social Security numbers: You’ll have to make sure that everyone in your tax family has a valid Social Security number and that you have them written down correctly. You can write it down in a piece of paper and keep it along with your tax statements.If you are filing jointly, the IRS should have your spouse’s Social Security number as well as yours. Apart from this, they should also have the social security number of any dependents you claim. Important transactions like income statements, savings account interest, retirement plan contributions will depend upon them. It also checks the identification numbers against any tax breaks you apply for.
3. Get hold of the required forms: Tax payers usually get a tax packet in January though e-filings have become popular. If you want to file it in the old-fashioned way, you can use them. If you are using the forms, it is always better to have backup forms. The backup forms will help you in case of mistake. Most of the common forms are available in the post offices and libraries. You can download the rest from the Internet.
4. Electronic filing: If you are comfortable using the computers, you can try filing the forms electronically. This helps in an easy processing of your taxes. It also helps in detecting wrong calculations and provides a quick confirmation that your returns have been received. You can e-file for free via the Free File Alliance(http://www.irs.gov/efile/article/0,,id=118986,00.html).

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