You’re down to the wire. It’s April 15, and the deadline to file your 2024 tax return is today. But before you hit submit or shove that envelope in the mailbox, pause. A few last-minute tax filing mistakes could delay your refund, trigger penalties, or even invite a dreaded IRS audit.
Here’s a rapid-fire checklist of common last-day tax mistakes, and how to avoid them in the final stretch.
1. Typos in Your Name or Social Security Number
It sounds basic, but it’s one of the top reasons the IRS rejects returns. Double-check your name, SSN, and birthdate against your Social Security card, not just your memory.
If you’re claiming dependents, verify their info too. A single-digit slip could delay your refund or cause issues with child tax credits.
2. Forgetting a 1099 or W-2
Did you freelance a bit last year? Sell some stock? Get bank interest? Those all trigger 1099s. Forgetting to report even one of them can result in IRS notices later, and possible underreporting penalties.
Quick fix: Search your email and mailbox for any last-minute 1099s (NEC, DIV, INT, B, etc.) and make sure they’re in your return. Many are available on financial portals, too.
3. Choosing the Wrong Deduction Type
The choice between the standard deduction and itemizing can cost you thousands.
- Standard deduction (2024): $14,600 for single, $29,200 for married filing jointly.
- Itemizing might be better if you had large medical bills, mortgage interest, or charitable donations.
If you rush through your software or copy last year’s return, you might be leaving money on the table, or triggering an audit flag if you overstate deductions.
4. Incorrect Bank Info for Direct Deposit
You’re expecting a refund? Don’t accidentally send it to someone else.
Make sure your routing number and account number are correct. Even one digit off can lead to a lost refund that takes months to recover.
Pro tip: Use an account in your own name, joint accounts are okay, but avoid using a friend or relative’s account.
5. Not Filing at All Because You Can’t Pay
This is a huge one. If you owe money but don’t have it all today, still file your return or at least request an extension.
Why? Because:
- The failure-to-file penalty is 5% per month.
- The failure-to-pay penalty is only 0.5% per month.
Even if you pay nothing today, filing the return avoids the worst hit.
Final Word: Slow Down to Save Big
Yes, you’re in a rush, but a 10-minute review can save you hours of frustration (or hundreds in penalties). Don’t let one last-minute tax filing mistake derail your whole refund or trigger IRS headaches down the road.
