LITTLE ROCK, Ark. – With the tax season underway, Arkansas residents will want to avoid common mistakes as they prepare their tax returns.
Arkansas Department of Finance and Administration spokesperson Scott Hardin said many of the mistakes made on state tax returns are the same mistakes made on federal tax returns. The point being a taxpayer should double-check the paperwork before sending it in.
Spell your name correctly
Hardin said this is one of the most common mistakes. If you need more clarification, use your Social Security card’s spelling and full name.
The state may not have the required information you think it does. Hardin said that if you believe the state has it on file, copies of W-2, 1099, 1099PT, and federal schedules should be included with the return. Also remember to include the forms to claim deductions, exemptions, and adjustments.
A common mistake is not signing the return, even when the correct name is used and forms are included. Double-check that you have signed the return before sending it in.
Run the numbers
Hardin said that the fastest way to get your tax return requires two steps. The first is to file electronically, and the second is to request the money through direct deposit. That sounds good, but it all falls apart if you make an error on your bank account number.
Do the math
It sounds simple, especially in this era of calculators always being close at hand, but math errors will create a delay. Taking the time to double-check the math can save you time in the long run.
New tax credits
Arkansas has two new tax credits for this tax season. The Inflationary Tax Relief Credit and the Qualified Individual Tax Credit were signed into law last year and can save you money. Remember to declare these with your state filing.
Additional information on Arkansas tax filing is available from the DFA.