If this is the first tax filing season since your divorce and you now are a single parent, writing "head of household" probably will be more beneficial. And what if 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.
7. 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.
8. Complete charitable contributions
Did you give to charitable groups last year? All types of donations, from cash to cars, could be valuable tax deductions, so make sure you count them all when you file. Be sure to follow the donation tax rules, the most important being that you give to a qualified organization -- that is, one that has tax-exempt status with the IRS. Also be careful when calculating any gifts of clothing and household items. Tax law now requires that these donations be in good or better condition or the deduction is disallowed. And remember that the amount you can claim for donated goods is the fair market value of the items; that's what a willing buyer would pay for it in its current condition, not what you paid for it.
9. 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, both you and your spouse must sign.
10. Missing the deadline
Millions of taxpayers put off filing until the very last minute. That's fine, as long as you do get your 1040 to the IRS by the April 15 due date. If that's just not possible, be sure to file Form 4868 to get a six-month extension. If you fail to send in your tax return or the extension request (along with any tax you owe, or a close estimate of the due amount), you could face late- or non-filing penalties. Nobody wants to pay Uncle Sam a penny more than necessary, so don't make the mistake of missing the filing or extension deadline.