THAT INFORMATION TO US AT NEWS. 4 JAX REPORTING LIVE. I’M AARON FARRAR CHANNEL 4,
THE LOCAL STATION.
>>JENNIFER WAUGH: 36 MUST
AFTER 8 O’CLOCK THIS MORNING,
THE IRS IS RECOMMENDING THAT
YOU FILE YOUR TAXES EARLY THIS
YEAR AND THIS MORNING WE WANT
TO HELP YOU AVOID SOME OF THE
MOST COMMON MISTAKES THAT
PEOPLE MAKE WHEN THEY FILED.
NICOLE WALTON, A SENIOR
ACCOUNT WITH BO DINE. PERRY IS
JOINING US NOW LIVE VIA ZOOM.
GOOD MORNING. THANKS FOR BEING
WITH US. MORNING. HOW ARE YOU?
WONDERFUL. THANK YOU. SO WE
KNOW TAXES CAN GET REALLY
COMPLICATED. A LOT OF PEOPLE
CHOOSE TO DO THEM ON THEIR
OWN. SO WHAT ARE THE MOST
COMMON MISTAKES THAT YOU SEE
THAT MAKE?
>>LAUREN VERNO: THE MOST
COMMON MISTAKES THAT WE SEE
PEOPLE MAKE IS EITHER THEY’RE
MISSING OR INCORRECT. SOCIAL
SECURITY NUMBER MISSPELLED
NAMES, INCORRECT, FILING
STATUS, MARRIED FILING JOINTLY
VERSUS SINGLE OR MARRIED
FILING SEPARATELY. MASSA
ERRORS INCLUDING ENTERING
INCORRECT NUMBERS AND HEAR TAX
SOFTWARE OR SOMETHING LIKE THE
FIGURING OF THE CREDITS OR
DEDUCTIONS PROVIDING INCORRECT
BANK INFORMATION FOR YOUR
DIRECT DEPOSIT, OR OF YOUR
REFUND OR PAYMENTS ANY BALANCE
DO FOR THEM TO DEBIT THE
ACCOUNT AND THEN THE
COMPLETING OF THE PREMIUM TAX
CREDIT THAT.
>> WOULD BE NEEDED IF YOU HAVE
INSURANCE ON THE HEALTHCARE
AND ALSO PROBABLY ADDED TO
LIST, PERHAPS IS YOU HAVE TO
REMEMBER TO SIGN RIGHT? YES,
AND SOMETIMES PEOPLE GET
THROUGH THE WHOLE THING’S A
HEALTH. YOU HAVE DONE. IT’S
CONFUSING AND THERE’S A LOT OF
LINES THERE. YOU CAN SEE HOW
SOME THINGS WILL GET MISSED OR
INAPPROPRIATE OR IN
INACCURATELY WRITTEN DOWN OR
TRANSCRIBED.
>>LAUREN VERNO: I WANTED TO
THOSE CIRCLE. BACK TO YOU,
THOUGH, ON ON MAKING A MISTAKE
IN TERMS OF YOUR FILING STATUS
IS IF YOU ARE MARRIED, IS
THERE ONE WAY TO FILE THAT’S
BETTER THAN THE OTHER WHETHER
JOINTLY OR SEPARATELY? IS
THERE A RULE OF THUMB ON THAT?
>> IT REALLY DEPENDS ON WHAT
WORKS BEST FOR EVERYONE. FOR
SOME PEOPLE. IT WORKS BETTER
FOR THEM TO FILE JOINTLY
TOGETHER THAN IT DOES FOR THEM
TO FILE. SEPARATELY. THE CATCH
IS WITH MARRIED FILING
SEPARATELY. IF YOU IF ONE
SPOUSE IS ABLE TO ITEMIZE
BECAUSE IT BENEFITS THEM
BETTER THAN THE OTHER SPOUSE
ALSO HAS TO FILE ITEMIZED AS
WELL. WHETHER IT BENEFITS THEM
ARE NOT. SO THAT COULD MAKE IT
TO WHERE THAT PERSON WHO
DOESN’T HAVE AS MANY
DEDUCTIONS WHEN POTENTIALLY
HAVE A LARGER TAX BILL. BUT WE
EVALUATE THAT FOR OUR CLIENTS
ALL THE TIME. SO OF COURSE, NO
ONE WANTS TO BE AUDITED. IF
SOMEONE MAKES A MISTAKE ON
THEIR TAXES, MAYBE ACCIDENTLY
LEAVE SOMETHING WHAT SHOULD
THEY DO?
>> SO IF YOU MAKE A MISTAKE,
YOU CAN FILE AN AMENDED RETURN
AND THOSE CAN FILED
ELECTRONICALLY. NOW THEY
DIDN’T USED TO BE ABLE TO BE
DONE THAT WAY. USED TO HAVE TO
PAPER FILE THOSE WHEN THAT IS
COMPLETED. IF YOU OWN AN
ADDITIONAL AMOUNT, THEY’LL
CHARGE YOU INTEREST ON THE
AMOUNT BUT NO PENALTIES IF YOU
OMIT ANY TAXABLE INCOME FROM
YOUR TAX FILING, YOU WOULD
POTENTIALLY WERE MOST LIKELY
RECEIVE WHAT THE IRS CALLS
SEEKING 2000 NOTICE NOTIFYING
YOU THE ADDITIONAL ITEMS AND
THAT ARE TAXABLE AND THAT WERE
EMITTED FROM YOUR RETURN. IS
THAT AMOUNT IS SIGNIFICANT.
YOU MAY HAVE A SUBSTANTIAL
UNDERPAYMENT PENALTY AND WHAT
YOU WOULD DO IS YOU AND EITHER
DECIDE WHETHER YOU WANT TO
AGREE OR DISAGREE WITH THE
CHANGES THAT THEY’VE MADE. IF
YOU AGREE YOU WOULD BE BUILD
THE ADDITIONAL TAX INTEREST IN
ANY PENALTIES THAT WOULD BE
DO. AND IF YOU OMITTED INCOME
OR MADE AN ERROR, IT’S IT IS
THAT ARE TO FILE AN AMENDED,
RETURN THEM TO WAIT FOR A
NOTICE FROM THE IRS. YEAH.
IT’S THAT THE FINES AND THE
PENALTIES IS WHAT MAKES
EVERYBODY NERVOUS BECAUSE IT
CAN REALLY GET TO BE REALLY A
LARGE AMOUNT OF MONEY.
>> SO DOES MAKING A MISTAKE,
INCREASE YOUR CHANCES THEN OF
BEING AUDITED? BECAUSE I COULD
SOMEBODY MAYBE REALIZES AND
THEY RECEIVE A TAX FORM IN THE
MAIL. YOU KNOW, AFTER THEY’VE
ALREADY FILED A LEVER, GOT TO
INCLUDE THIS, SHOULD SHOULD
YOU GO BACK AND AMEND OR
SHOULD YOU JUST SAY ALL MAYBE
THEY DON’T SEE IT?
>> SO.
>> IF YOU MAKE A MISTAKE, IT
DOES NOT INCREASE YOUR
EXPOSURE EXPOSURE TO AN AUDIT.
AS LONG AS IT’S NOT AN
EXTREMELY LARGE MISTAKE. LIKE
IF YOU. THOUSANDS OF DOLLARS
THEN. YES, THAT COULD IN THE
END LEAD TO SOMETHING. BUT IF
IT’S LIKE,
>> $20 OR SOMETHING, IT’S NOT
GOING TO MAKE IT TO WHERE YOU
WOULD HAVE AN AUDIT.
>>JENNIFER WAUGH: NICOLE,
THANK YOU. GREAT INFORMATION.
REALLY APPRECIATE YOUR
PERSPECTIVE THIS MORNING.
YOU’RE WELCOME. AND BE SURE TO
JOIN US TOMORROW ON THE
MORNING SHOW. AS WE CONTINUE
TO ANSWER THE MOST COMMON TAX
QUESTIONS THAT MANY OF YOU
HAVE FROM SAVING MONEY ON YOUR
TAX, BUILD, UNDERSTANDING HOW
YOUR CHILD TAX CREDIT WILL
FACTOR IN THIS YEAR. IT’S A
BIG ONE SINCE MANY OF THE