Thanks to tax preparation software, more of us are making fewer mistakes on our annual tax returns. But still, just one slip in entering information on your computer could end up costing you, either in the form of a larger tax bill or a smaller refund.

 

And even if a mistake — either on your computer or paper forms — doesn’t cost you cash, it could delay the receipt of any refund you’re expecting.

 

To get exactly what you should from the Internal Revenue Service, as quickly as possible, look out for these tax-filing pitfalls. A few are new, thanks to recent law changes. Others are perennial problems taxpayers face each filing season. With a little care, you can avoid them all.

 

No matter how you decide to prepare your taxes this year mistakes can happen. While tax preparation or allowing someone else to prepare your taxes may cut down on the number and types of errors made, any mishap could cost you. While things can get quite complicated for some when it comes to all things taxes, here are a few simple mistakes Bankrate.com says can make a major difference. So if you haven’t already filed…take heed!

 

1. Math miscalculations

 

The most common error on tax returns, year after year, is bad math. Mistakes in arithmetic or in transferring figures from one schedule to another will get you an immediate correction notice. Math mistakes also can reduce your tax refund or result in you owing more tax than you thought.

 

Using a tax software program to file your return can help reduce math errors. The built-in calculators do the work for you, adding, subtracting and inserting numbers on additional forms as needed. But you still have to make sure your initial numbers are correct. Entering $3,500 when the real figure is $5,300 makes a lot of tax difference. Getting the numbers right is crucial because you can be sure the IRS will be double-checking numerical entries against its copies of your tax statements (W-2, 1099s and the like). When IRS examiners find a discrepancy, they’ll definitely let you know and, in many cases, will correct your mistake and refigure your taxes for you. Don’t give them the chance. Make sure your math entries are right.

 

 

2. Filing status errors

 

Make sure you choose the correct filing status for your situation. You have five options, and each could make a difference in your ultimate tax bill.

 

If this is the first tax-filing season you’ve been divorced and you now are a single parent, head-of-household probably will be more beneficial. And you’re still married, but you and your spouse are thinking about filing separate tax returns? That works in some cases, but not all.

 

Make sure you know what each tax-filing status entails, and choose the one that best fits your personal and tax situation.

 

3. Social Security number oversights

 

Because the IRS stopped putting taxpayer Social Security numbers on tax package labels in response to privacy concerns, some taxpayers forget to write in their identification numbers. Your tax ID number is crucial because there are so many transactions — income statements, savings account interest, retirement plan contributions — keyed to this number.

 

The nine-digit sequence also is vital to claim several tax credits, such as the child tax and additional child tax credits as well as ones for educational expenses and dependent care costs.

 

And make sure the names associated with the Social Security numbers match Social Security Administration records. A difference here also will cause the IRS to kick out or slow down your return.

 

 

4. Signature required

 

Sign and date your return. The IRS won’t process it if it’s missing a John Hancock, and that means on e-filed returns, too. Taxpayers filing electronically must sign the return electronically using a personal identification number, or PIN. To verify your identity, you’ll have to provide the PIN you used last year or your adjusted gross income from your previous year’s tax return.

 

Your tax software should walk you through the e-signature process, but if you’re still mailing your return, don’t be in such a hurry that you stuff your 1040 in the pre-addressed IRS envelope without signing it. And if it’s a joint filing, you and your spouse must sign.

 

5. Missing the deadline

 

Don’t miss the impending April 15 tax deadline. If you owe the IRS and that’s the reason you’re thinking of not filing, that’s a bad idea. If you don’t file a return, you’ll face even stiffer penalties. So send in the paperwork, pay what you can and talk with the IRS or your tax professional about the next steps.