Avoid These 5 Mistakes When Filing Your New York State Taxes

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Avoid common New York tax mistakes for smoother filing. Check our guide for tips and tricks for New York State tax filers. [[{“value”:”

Filing your taxes can feel like navigating a maze blindfolded. Given the complexity of tax laws, it’s easy to stumble into pitfalls. One wrong turn (or typo!) and you might find yourself at a dead end, waiting for a refund that’s taking forever or, worse, getting a nudge from the taxman for an audit. Below, we’ll explore five common mistakes to avoid when filing your New York State taxes to keep your tax journey smooth.

1. Getting your Social Security number wrong

It sounds simple, right? But you’d be surprised how many folks trip over their Social Security numbers (SSNs). Mixing up these digits on your tax return can cause a heap of confusion, delaying your refund or messing with your tax records. Imagine waiting extra weeks for a refund just because of a typo. Double-checking your SSN (and your spouse’s and dependents’, if applicable) against your Social Security card is a small step that can save you a big headache.

2. Names and SSNs not matching up

This mistake is like the sneaky cousin of the first one. Changing your name after marriage or adoption and not updating it with the Social Security Administration can lead to mismatches on your tax return. The tax department flags these mismatches, slowing down your refund process. Before you file, make sure the name on your tax return is the same one the Social Security folks know you by. It’s like matching your socks; it feels better when things line up!

3. Reporting incorrect income amounts

Here’s where things get a bit more serious. Reporting wrong income amounts, whether too high or too low, is a big no-no. The New York State Department of Taxation and Finance is on the lookout for discrepancies between your reported income and the info from your W-2s or 1099s. Slip-ups here can delay your refund and land you in audit territory, potentially costing you penalties or extra taxes. To put it in numbers, even a small discrepancy could lead to a penalty of 20% of the unpaid tax. Accuracy is your best friend when reporting income.

4. Overlooking deductions or credits

Failing to claim all your eligible deductions and credits is like leaving money on the table. New York State offers a bunch of these for everything, from college tuition to making energy-efficient home improvements. Not claiming these can unnecessarily inflate your tax bill. It’s worth taking the time to comb through the available deductions and credits — after all, who doesn’t like saving money?

For example, missing out on the Child and Dependent Care Credit could mean saying goodbye to up to $3,000 (for one qualifying individual) or $6,000 (for two or more) that could have lowered your tax bill. Luckily, the best tax software can help you find the credits and deductions you qualify for.

5. Filing late or with incorrect postage

Waiting until the last minute to file or messing up the postage on your mail-in return can backfire. The New York State Department of Taxation and Finance reminds us that late filings come with penalties — typically 5% of the unpaid taxes for each month the return is late, up to 25%. Plus, incorrect postage could mean your return doesn’t even reach its destination on time. E-filing is a safe bet to dodge these issues, ensuring your taxes are in on time without the fuss of stamps and envelopes.

These tax-filing pitfalls are like the potholes on the road to your tax refund. Keep your eyes peeled for them — check and double-check those Social Security numbers, ensure your name is up to date, report your income to the penny, claim all the tax breaks you can, and beat the clock by filing early.

With a bit of care and attention, you’ll navigate through tax season like a pro, keeping stress levels low and possibly saving yourself a nice chunk of change in the process. And hey, if it all seems overwhelming, there’s no shame in reaching out to a tax professional for guidance.

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