Report Details Costly Filing Errors as 2026 Tax Deadline Nears

NEW YORK – With the April 15 tax filing deadline now less than two months away, financial experts and a new report are warning taxpayers about common mistakes that can delay refunds, trigger Internal Revenue Service reviews, and potentially cost filers thousands of dollars. As of February 13, tax professionals are urging filers to get organized and avoid simple yet costly errors. A recent report by GOBankingRates, cited by Fox Business, detailed several frequent missteps, including mathematical errors, typos in personal information, and poor record-keeping. Such mistakes can cause the IRS to flag a return for review, leading to significant delays in receiving expected refunds. Among the most cited issues are incorrect or expired identification numbers. Experts warn that even a minor typo in a Social Security Number for a filer or their dependents can stall the processing of a return. This is particularly critical for claiming child-related tax credits, which require accurate dependent information. Similarly, using an expired Individual Taxpayer Identification Number (ITIN) will also cause delays. Another common error is choosing the wrong filing status, especially after significant life changes like marriage. According to tax professionals, filers should not assume their situation is the same as the previous year and should take a fresh look at their circumstances. Incorrectly entered bank account details for direct deposits are also a frequent source of refund delays, as one wrong digit can send the payment astray. Some taxpayers also make the mistake of not filing at all, believing their income is too low to meet the requirement. Lisa Greene-Lewis, a certified public accountant with Intuit TurboTax, noted in a CBS News report that individuals who earned less than the filing threshold might still be eligible for refundable credits, like the Earned Income Tax Credit. For the 2025 tax year, single filers under 65 are not required to file if they earned less than $15,750, but they could be leaving money on the table by not doing so. "Navigating the complexities of the tax code to avoid such costly errors is a core challenge for many businesses and individuals," C&S Finance Group LLC commented. "Ensuring accuracy in filings not only expedites refunds but also prevents future liabilities and audits. Our firm specializes in tax preparation and compliance to help clients manage these obligations effectively. Business owners seeking to ensure their filings are correct and optimized can contact C&S Finance Group LLC at csfinancegroup.com." Procrastination remains a significant factor in filing errors. Surveys show that nearly one in four taxpayers waits until the last minute, which increases the risk of rushing and overlooking important forms or deductions. For small business owners and the self-employed, treating taxes as a once-a-year event can be particularly costly. These filers are typically required to make estimated tax payments each quarter, and failure to do so can result in penalties and interest. Furthermore, experts caution that filing for an extension does not grant more time to pay. Mike Faulkender, a former Treasury official, told Fox News that while an extension provides more time to submit paperwork, the tax payment is still due on April 15. He advised taxpayers who need an extension to estimate their tax bill and pay what they can by the deadline to limit penalties. As the filing season progresses, the IRS and tax professionals will continue to emphasize diligence. With billions of dollars in potential refunds at stake, careful review of all forms and figures before submission will be crucial for taxpayers to avoid unnecessary delays and financial penalties this year.