ALLENDALE, Mich. — With less than a month until the federal income tax filing deadline, about a third of Americans have still not filed their returns. Grand Valley State University accounting professor Jonathan Brignall says rushing to file can lead to costly errors — and knowing what to watch out for could save you time, money, and a potential headache with the IRS.
Brignall said the stakes of filing mistakes cut both ways.
"You could wind up taking credits or deductions that you're not really entitled to, which could subject you to problems with the IRS or the state later on, or you could miss things that you are entitled to, and so you'd have certain benefits that you're entitled to receive that you're essentially walking away from."
Entering the wrong information
One of the most common mistakes is simply moving too fast. Brignall says filing your return too soon can mean miscalculations that delay your refund. The IRS typically will not give you more than you are owed — but it can give you less.
Filing too early
Filing before you have all of your tax documents in hand is another pitfall. Submitting an incomplete return increases your risk of mistakes, being audited, or waiting longer to receive your refund.
Incorrect bank account numbers
If you choose to receive your refund through direct deposit, double-check that you have entered the correct routing and account numbers. An incorrect number will cause the bank to reject the deposit and send it back to the IRS, further delaying your refund.
Unsigned forms
An unsigned tax return is not valid. If you are married, both spouses are required to sign a joint return in most cases.
If you find out you still owe money, Brignall says some options may help offset the cost. He pointed to individual retirement account contributions as one potential strategy.
"Anytime before April 15, if you open that IRA and make that contribution to fund it, you can take that deduction on your 2025 return. So that might be an option for people who are owing a little bit of money and want to try and get that balance knocked off," Brignall said.
Brignall also says there are several new deductions to be aware of this tax filing season including for seniors age 65 and older, for tipped workers and for those working overtime. Those deductions can be found on the IRS website.
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