*First National Community Bank’s blog does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors for tax advice.

It’s tax time again. For most of us this involves locating our W-2’s, receipts, forms and tax related paperwork from the past year. Now more than ever it is very important to avoid making simple mistakes that can delay your refund or cause you to pay a penalty. Not to mention, the agony of having to start from scratch and file all over again with the correct information or file an amended return. First National Community Bank has outlined four common tax mistakes to avoid when filing your taxes.

  1. Mistake #1 – Math Errors

It sounds simple enough to avoid and with the advances to tax software and calculators at everyone’s fingertips on their cell phones and computers, one would think there was little room for math mistakes. However, simple math errors are one of the main reasons that tax returns are rejected and can even land you in trouble with the IRS. Even a small miscalculation can throw your numbers off so whether you prepare your taxes by hand, use online tax preparation software or hire an accountant, it is important to double check the math before your file.

  1. Mistake #2 – Incorrect Address

Did you move last year? Even if you didn’t, it is still very important to double check your address. Something as simple as putting in the wrong house or apartment number may trigger the IRS to flag you for identity theft and delay your return from being processed.

It is also important to double check your bank account number to make sure that is accurate as well and make sure everything is spelled correctly, including your name to avoid risking your return being delayed or not processed at all.

  1. Mistake #3 – Missed Deductions

Remember those food and clothing items you donated last year? How about that check you wrote to support a local charitable organization? If the organization in which you donated to has a tax-exempt status, the donation can be deducted from your taxes. Just be sure to include those charitable donation tax receipts when you file. In addition, with tax laws continually changing, make sure you file according to the most recent tax laws. Many of the standard deductions increased for tax year 2021 so you don’t want to miss out on these new and increased deductions.

  1. Mistake #4 – Not Signing Your Tax Forms

With all the work that goes into filing your taxes, the last thing you want to cause a delay is not signing your form. If you are filing online you may electronically sign with a PIN and if you are mailing your forms in, don’t forget to sign and date wherever necessary. Your return will not be processed without your signature.

Avoiding these four tax mistakes can help you sail through tax season. As your locally owned community bank of choice, the success of your financial future is top of mind. We offer Personal Checking Accounts, Money Market, Personal Savings Accounts, CDs, IRAs, Business Loans, Mortgages and Personal Loans of all shapes and sizes and much more! To learn more about First National Community Bank’s financial solutions, contact us here.