Ashlea Ebeling

speaker

2,002 appearances 38 recordings 1 series first heard Jul 2022 last heard Feb 2025

Ashlea Ebeling’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Bulletproof Your Tax Return · 7 Feb 2024 podcast

Well, simple things like incorrect social security numbers, that can be fixed easily, right, when you're submitting your return. matched

But the bigger issues are if you fail to report income inadvertently, like you forget something on your return, then that's going to cause more problems later. matched

So if it's before the tax filing deadline, there's an easy way to go online and file a superseded return. matched

That's basically just like a corrected return. matched

So the IRS will see that one. matched

And then you're in the clear. matched

If it's after the filing deadline, it gets a little more complicated. matched

You have to file an amended return. matched

Tax pro save rushing is kind of the main reason, trying to file too early before they have all their documents on hand. matched

So having all the 1099s for other income, like pay for a gig job or capital gains from investments, you need those all on hand before you file. matched

Another thing you can do that helps is pulling up last year's return and going through all the items you reported there. matched

You might see something like, oh, remember, I closed a CD from that bank and I'll have interest income that I need to report. matched

And a lot of people have paperless banking now, so then they won't be getting the paper documents to remind them to report the income. matched

So you need to go back to those online accounts and actually download the statements. matched

So they'll send you what's called a CP2000 notice, and that would show the adjustments. matched

One warning is these can be incorrect because the IRS only has so much information. matched

For example, if you sold stock, they would get the proceeds from your broker on a statement, but you then would have to send in and explain what your cost basis is so you don't owe as much tax. matched

Generally, it starts accruing right from the due date of the return up until when you finally actually pay the balance of due. matched

So that can really add up. matched

Probably the biggest is underreporting income. matched

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