Ready to be done with taxes for another year? Hold your horses. Just a few common (and often easy to avoid) tax mistakes cost taxpayers thousands of dollars every year.

Below, we take a look at 10 common errors that can trip you up at filing time. We recommend you take a few minutes to check your return—or double-check any concerns you might have with a tax professional —before you lick the envelope or click submit this year.

Many Happy Returns: 10 Tax Mistakes to Avoid

If you’re scrambling to get your taxes together this year, don’t be too hasty. You don’t want to wind up making a mistake that could delay your tax refund and cost you extra in penalties or additional fees because that will almost certainly mean you’ll need to complete even more paperwork.

Below we look at 10 of the most common tax filing mistakes people make. Whether you complete your return yourself, use tax-preparation software, or hand it over to a registered tax-prep expert—taking the time to double-check that you have avoided the following pitfalls can save you time, money, and a lot of trouble down the road.

1. Not Filing on Time

Failing to file your taxes or apply for an extension by the due date can leave you vulnerable to having to pay interest on missing tax payments. Meeting the deadline seems like such a simple task but you’d be surprised at the number of people who simply miss the relevant filing date.

For most people, the tax return is due by April 15th of the next year. States that have been hit by natural disasters or other disruptions early in the year are sometimes given until June 15th to submit federal and state tax returns where applicable.

2. Incorrect Bank Account Information

Make sure the bank account number and other details you supply with your return are accurate, especially if they have changed. Incorrect or incomplete banking information will delay any refund you are due and may attract the attention of auditors concerned about tax return fraud.

3. Choosing the Wrong Filing Status

How you choose to file your taxes can have a major impact on how much tax you pay. Depending on your personal situation you may choose to file either single, as a couple filing jointly, or as the head of a household.

Each designation offers significant advantages for qualified filers. A married couple, for example, might choose to file separately if one spouse is retired or earns significantly less than the other. On the other hand, a single breadwinner who supports a large family will also usually benefit by filing as the head of a household.

Be sure you choose the most advantageous filing status for your situation. Check with a tax professional if you are unsure.

4. Name Changes and Misspellings

Inaccurate or inconsistent names on your tax return can delay a refund or flag your return for additional attention. Be sure the names you use in every section of your return match your social security number, your W-2 or 1099 tax forms, and your banking details.

Changes like this tend to happen most often after a major life change such as a marriage or a divorce, or if you have chosen to change your legal or commonly used names for any reason.

5. Not Adjusting Your Withholdings

Something to take care of earlier in the year: If your employer withholds tax on your behalf, it’s just as important to keep them updated on changes to your name and your filing status. That will ensure they print the correct name on your W-2 form when they issue it to you.

Potentially more serious, failing to do so may cause your employer to deduct either too much or too little from your paycheck. This can mean they deposit too little (or too much) money in your paycheck each month, which can in turn result in you receiving a smaller refund—or perhaps even owing money—on your taxes.

6. Taking the Standard Deduction

Opting to take the standard deduction because it is simpler rather than choosing to itemize can be a costly mistake if you miss out on valuable deductions. Conversely, choosing to itemize deductions when you would be able to write off more by taking the standard deduction can mean you leave a valuable tax break on the table.

Knowing when to take the standard tax exemption depends on your situation, but it is more likely to make sense if your taxes are relatively straightforward. It makes more sense to itemize if you are a freelancer or run your own business. If you are uncertain, check with a tax professional.

7. Improper Deductions for Business and Charitable Expenses

Claiming deductions you are not eligible for can result in you getting a smaller-than-expected refund or may even cause your return to be flagged for a tax audit. Two areas where tax filers commonly run into trouble are in deducting charitable expenses and in properly claiming business expenses.

Remember that only donations to tax-exempt bodies, typically 501(c)(3) organizations, are deductible. You should also be able to produce the correct receipt detailing the nature and condition of donated goods.

There are specific rules governing what business expenses can be deducted and how they should be calculated. For example, a home office needs to be used primarily as a business workspace. Similar rules cover business travel, catering, and entertainment expenses.

8. Omitting Extra Income

Failing to declare other income you may have received in the course of the year—be it from freelance work, consulting, alimony, or as a result of investments or inheritance—may be a genuine oversight on your part…but it can land you in serious trouble.

If you are audited and are found to have under-declared your income you may be liable for additional tax payments you had not been expecting. In the case of a serious underpayment, you may face additional fines and possibly even criminal prosecution.

9. Forgetting to Include Estimated Tax Payments

If you made an estimated tax payment as part of filing for a tax extension and then forgot or underreported this amount on your final tax return, you might end up being taxed twice on the same income. Take care to record all your payments if you are making quarterly tax payments or multiple payments as part of a tax payment plan.

10. Not Applying Changes to Tax Laws

Recent or even last-minute changes to tax laws may have a major impact on the tax credits you might be eligible for or affect how you claim certain deductions. Be sure to stay up to date on recent or even pending tax changes.

While the Internal Revenue Service (IRS) has said it will ensure taxpayers will be awarded additional credit under laws passed after they file, it’s important to be aware of your full obligations and entitlements under the current law.

Getting Help Filing Your Taxes

Getting everything right is especially important if you complete your tax return by hand. In this case, it’s critical to check the spelling of names and addresses and to confirm your calculations carefully.

Ever-smarter tax return software is becoming available as more people file electronically. The IRS now offers free access to tax preparation software to lower-income filers through its Free File program. These packages will do most or all of the calculations and will populate fields where information is duplicated, which helps to prevent math errors and other mistakes.

Having a trusted person assist you with tax preparation can help you avoid errors. It’s also important to consult with a registered tax professional if you have any questions about how you should file and declare income, the credits you may be eligible for, deductions you should claim, or anything else you’re uncertain about.

Be sure to review your full return with anyone who assists you with it. Not only will you still need to sign it, but you remain personally responsible for ensuring it is indeed accurate and you are personally liable for any errors it may contain.

Listerhill: Your Smart Tax Partner

Tax time is always busy and can be stressful, especially if your tax situation has changed. At Listerhill, we’re always happy to help members make smart, tax-wise decisions about how to manage their money using our full range of personal banking products, from checking accounts to certificates to IRAs.

We're also committed to helping you make sound, informed tax decisions regarding your investments through our team of financial advisors with Listerhill Investment Services.

Contact us or visit a branch today to find out more about how we can help you make the most of your earnings and savings.

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