Making mistakes is one of Americans' biggest fears at tax time. A single error can delay the processing of your return or even cause it to be rejected by the IRS. If that happens and you're entitled to a refund, get ready to wait.
Today's sophisticated tax preparation products make doing your own taxes perfect the first time at an affordable price – or even free – a reality for millions of Americans each year.
"Online and downloadable solutions have everything the vast majority of taxpayers need to file their taxes with complete confidence," says Jessi Dolmage, TaxACT Spokesperson. "Using do-it-yourself tax preparation software solutions drastically reduces the chance of errors, especially if you import last year's return information."
If you're doing your own taxes for the first time this year or aren't able to import last year's return, be especially careful to avoid these common errors.
Dolmage also says, "Another all-too-common mistake is paying too much to do your taxes. Expensive solutions don't equate to a larger refund. All taxpayers can prepare, print and e-file federal tax returns free at www.taxact.com – no restrictions, no bait and switch."
TaxACT Free Federal Edition includes all e-fileable forms for simple and complicated tax returns. Regardless of how you filed last year, you can transfer data from last year's return. Instant, personalized help is available every step of the way in the Answer Center, online at taxact.com and with Audit Assistant. Customers can also email tax and audit questions to TaxPayer Support Specialists for free answers.
March 3 (Farmers & fishermen)
File your 2013 income tax return (Form 1040) and pay any tax due - Details
March 10 (Employees who work for tips)
If you received $20 or more in tips during February, report them to your employer - Details
March 17 (Corporations)
File a 2013 calendar year income tax return (Form 1120) and pay any tax due - Details
March 17 (S Corporations)
File a 2013 calendar year income tax return (Form 1120S) and pay any tax due - Details
March 17 (S Corporations)
S Corporation Election: File Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2014 - Details
March 17 (Partnerships)
Electing Large Partnerships: Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1 - Details
March 31 (All businesses)
File Forms 1097, 1098, 1099, 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically - Details