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6.ClaimingthewrongcreditsanddeductionsMakesureyouactuallyqualifyforthecreditsanddeductionsyouclaim.IftheIRScatchesonyoucouldfaceataxauditrecalculationofyourtaxburdenorinextremecasesjailtimefortaxeva-sion.7.NotincludingallsourcesofincomeIfyouworkedatmorethanonejobduringtheyearyoushouldhaveaFormW-2foreachjob.YoushouldalsoincludeapplicableForm1099forotherin-comesources.Missingformsorleavingoutin-comecanleadtotaxauditsoradelayedrefund.Ifyouinadvertentlyleavesomethingoutofyourre-turnyoucanleaForm1040XAmendedReturn.8.MatherrorsItseasytomakemathmistakeswhenyouredoingyourtaxesbyhandandippingbackandforthbetweenforms.Double-checkyourmathbeforelingbecauseamistakecouldloseyoumoneyorgetyouintroublewiththeIRS.9.DirectdepositmistakesYoucannowelecttoreceiveyourtaxrefundsviadirectdeposittoyourcheckingorsavingaccounts.Thiselectioncanhelpyousavemoneyandspeedtheprocessalongbutitsalsoanotheropportunityforerror.IfyouinputthewrongroutingnumberyourreturncouldgotosomeoneelseorbesentbacktotheIRS.10.Forgettingtoincludeyoursocialsecuritynum-berYoumustincludeyourcorrectsocialsecuritynumberinordertoleareturn.Failingtodosocanholdupyourreturnandsubjectyoutolatelingfees.Youmustalsoincludeyourspousessocialsecuritynumberifyoulejointlyaswellasthenumbersofanydependentsyouclaim.11.ForgettingtosignanddateyourreturnYourreturnisnotvalidifyoudontsignanddateit.Failingtodosocouldalsosubjectyoutolatefeesanddelayedrefunds.ToremedythistheIRSwillsendoutasignaturecardforyoutosign.Speeduptheprocessbydouble-checkingthatyoursigna-turesarepresent.12.NotincludingyourpaymentIfyouowetheIRSmoneymakesuretoincludewhatyouowewhenyoule.Ifyouforgetyoumayendupow-inginterestandlatefeeseventhoughyouhadthereturnledontime.AdvancedSocialSecurityStrategiesTheOldAgeSurvivorsandDisabilityInsuranceOASDIProgramcom-monlyknownasSocialSecurityisthelargestandmostwidelyusedinsti-tutionintheU.S.government.InonewayoranotheritaffectsalmosteveryU.S.citizenbutmostarefamiliarwithitbecauseoftheincomeitprovidestoretirees.AswithanygovernmentprogramSocialSecurityhasnumerousrulesandinstructionsforreceivingbenets.Itisimportantforindividualsnearingre-tirementtounderstandtheiroptionsforSocialSecuritypaymentssotheycanmaximizethemoneythegovernmentreturnstothem.TheMechanicsRetirementincomefromSocialSecurityisasimpleprocess.ThegovernmentleviestaxesoncurrentemployeesandplacesthemoneyintotheOASDITrust.Mostofthefundsaredistributedimmediatelytocurrentretireesbutanysurplusesareleftinthetrustforfutureuse.ThesizeofeachpersonsSocialSecuritybenetisderivedfromtheaverageincomeofhisorher35highestincomeyears.Itismeanttosupplementretirementincomenotbearetirementplanallonitsown.FullRetirementAgeThemostimportantpieceofSocialSecurityplanningisunderstandingfullretirementageFRA.ApersonsFRAistheagewhentheycanreceivetheirbenetpaymentsatanunreducedrate.Forpeoplebornin1954orearliertheFRAisage66forthosebornafter1954theFRAis67.Technicallythosebornfrom1955-1959haveanFRAof66andsomeextramonthshowevertokeepthingssimplethiscanbethoughtofasbeingage67.Whileindividu-alscanchoosetobeginreceivingbenetsasearlyasage62theirmonthlypaymentratewillbelessenediftheydonotwaituntiltheirFRA.SimilarlyifapersondefersbenetsbeyondhisorherFRA70isthemaximumageofdefermentheorshewillreceivelargermonthlypayments.Atpresentap-proximatelytwo-thirdsofretireesbegintakingbenetsatage62orshortlythereafter.AgeFactorsTheagewhenretireesstarttoreceivebenetsaffectsmonthlyamountsbe-causetheSocialSecurityAdministrationSSAcalculatespaymentusingaveragelifeexpectancies.Apersonwhotakesbenetsearlymaygetlowerpaymentsbutshouldreceivethemoveralongerperiod.Likewisewaitingforbenetsuntilage70willproducehigherpaymentsbuttheretireewillhavelesstimetoreceivethem.Eventuallythecumulativetotalsofbenetsequalout.IfretireeslivebeyondthistippingpointadeferralonbenetscanprovetobeahugeadvantagehoweveriftheydonotlivethatlongtheydidnotmakeasmuchuseofSo-cialSecurityastheycouldhave.Typicallythetippingpointissomewhereinapersonsearlyeighties.