Why Form 8655 Refund 2024

Just because it's tax time doesn't mean there's a bumpy road ahead. If you've got a refund coming, file early and think of it as a path to getting money as soon as possible. Another benefit of filing early is that you can stop identity thieves from trying to file a false return in your name. Plus, you won't spend a stressful week in April crunching numbers. Just make sure everything checks out. Here are three common mistakes to avoid when filing taxes early. Take it from financial experts Fox Business, Market Watch, and AARP. They all agree that these days, it's normal to have a side hustle. However, you've got to report it. You need a W-2 or 1099 form covering each income source where you made at least $600 or more throughout the year. So don't forget all of the forms. When you're not scrambling to file last-minute, you can work at a slower pace. That means double-checking everything. Did you sign your form? Is the math correct? Hopefully, you didn't transpose numbers. Tax software catches math errors, but it won't know if you meant to type $3,100 instead of $1,300. The IRS will catch the mistake, and you could end up owing interest or a possible penalty if the error caused you to underpay your taxes. Now, let's say you realize your early filing mistake. Don't immediately whip up an amended form. The IRS will let you know. And don't start over with a new 1040 form. You'll use Form 1040X, making only relevant changes like filing status, deduction or credit changes, or income modifications. Keep in mind that this time, electronic filing is not allowed for amended returns. They need to be paper copies. By avoiding these common tax mistakes, you can put more paper in your pocket.