Key takeaways:

• Filing errors from math mistakes to incorrect Social Security numbers and bank info can trigger IRS notices or refund delays.
• Overlooking income forms, credits, or deductions may result in a higher tax bill.
• Paying attention to deadlines and contribution limits can help maximize eligible tax savings.

More than half of Americans (55%) believe they’ve made financial mistakes when they lacked awareness at critical moments, Empower research shows, with nearly one in five (19%) citing taxes and tax-advantaged accounts as areas where they wished for a “do-over.”

When it comes to tax filing, awareness isn’t always about complicated laws or IRS guidance. It can be about avoiding common human errors, such as entering the wrong Social Security number for a dependent or incorrect bank account information on a form.¹

The same can be true with miscalculations or simply inputting the wrong numbers. The IRS sent more than 1 million “math error” notices to individual tax filers in 2024 — the latest data available — flagging 1.2 million potential issues on everything from adjusted gross income to the Child Tax Credit.²

Tax awareness also can mean recognizing all the deductions or credits that could potentially apply to you.³  Maximizing contributions to tax-advantaged retirement accounts like a 401(k) or IRA also has the potential to reduce taxable income for some filers.

Whether the risk is making an error or overlooking an opportunity, here’s a few things to keep in mind during tax filing season and beyond.

Double-check details and income

Attention to detail matters: Some of the common errors the IRS sees are missing or incorrect Social Security numbers (SSNs). Each SSN and name on a tax return should appear exactly as printed on the Social Security card.⁴ The IRS verifies SSNs to prevent fraud, and errors can trigger filing rejections.⁵

The IRS also can flag returns with errant bank information or missing signatures. The agency advises taxpayers to double-check routing and account numbers, as errors can delay direct deposit refunds. Returns that aren’t signed are considered invalid, and for joint returns both spouses must sign^.6

Remember all income: Income doesn’t only derive from a permanent salaried job. Taxpayers who work as independent contractors, take on gig jobs, or earn income from other sources including interest, dividends or capital gains, rental income, unemployment benefits, or certain retirement distributions may receive one or more Forms 1099 reporting that income.⁷

The IRS receives copies of 1099s from providers and automatically compares this data to the amounts reported on tax returns. A discrepancy, such as income on a 1099 that isn’t reported on a return, could trigger further review.

Take inventory of your tax picture

Filing status: Filing status matters because it determines how your income is taxed and which credits and deductions you can claim, among other things.⁸ Single, Married Filing Jointly, Married Filing Separately, and Head of Household each have different tax brackets and standard deduction amounts, which can directly affect your overall tax bill.

Credits and deductions: Deductions and credits can be important tools to reduce taxes, but they work in different ways. A tax credit can reduce the tax you owe dollar-for-dollar, while a deduction can reduce your taxable income.

Many people take the standard deduction, but some may choose to itemize deductions to maximize benefits. Ensuring your adjusted gross income (AGI) is correct is very important because it’s a reference point throughout the return for determining eligibility for certain deductions and credits.

Maximizing benefits: Contributions to traditional IRAs, 401(k) plans, and other tax-advantaged retirement accounts can reduce current tax liability while potentially building long-term wealth. However, maximizing benefits also requires careful attention to contribution limits, eligibility requirements, and the timing of contributions.

For other taxable individual investments, tax-loss harvesting and the timing of capital gains and losses can impact tax liability. Those strategies require ongoing monitoring and adjustment based on market conditions and individual circumstances.

Plan ahead to minimize surprises

Keep deadlines in mind: Individual income tax returns are due April 15, 2026, for the 2025 tax year and late filing can result in penalties and interest, especially if you owe taxes. You can receive a six-month extension for many reasons by filing  IRS Form 4868, giving you until October 15, 2026, to file your return.⁹

If you are self-employed or have other major sources of income, you may need to make estimated tax payments on a quarterly basis if you expect to owe at least $1,000 for 2025.

It’s also important to note that most tax deductions — such as 401(k) and 403(b) contributions, charitable donations, and mortgage and student loan interest — are based on the calendar year, with a December 31 cutoff. But some deductions, such as contributions to traditional IRA or Roth IRA accounts, can be made up until the April filing deadline and still count for the prior tax year.

Stay organized: Keeping track of documents and staying organized can help take some of the logistical challenges out of the process. The IRS requires employers to distribute W-2s by the end of January but several types of consolidated 1099s aren’t required to be mailed until mid-February.

Life events such as switching jobs, selling a primary residence, or moving to a new state could also require specific forms. If gathering documents and forms starts to feel complex or overwhelming, you may want to consider working with a qualified tax professional to help you optimize opportunities and avoid potential mistakes.