Average tax refund expected to be even higher in 2026, according to IRS data
Tax season is here, and new data from the Internal Revenue Service shows the average tax bill will be even higher this year.
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Tax day is approaching. Not submitted yet. In fact, you haven’t even started yet.
Preparing your tax return can cause bouts of stress at the perfect time. If you’re rushing to get your taxes done before the April 15 deadline, you may be rushing things. Between stress and impatience, you can make costly mistakes.
So here is a list of common mistakes people make before filing their taxes, adapted from a March 25 list published by the Illinois Institute of Certified Public Accountants. In honor of the Land of Lincoln, we present comments from an Illinois state accountant.
Let’s get started. . .
your name
You’ll probably never forget to write your name in return. However, you need to be careful how you write it.
Accountants say you need to enter your name on your return exactly as you wrote it on your last return and as it appears on correspondence from the IRS and your Social Security statement. Ideally, these names should all match, including the same letters, spaces, capitalization, and initials.
“If you misspell a name, it can delay your return,” says Chicago CPA Charlene Reinhart. “We want to make sure everything is consistent across the board.”
Application status
There are several things to consider when choosing your filing status. If your family situation has changed in the past year, your status may have changed. Even if you don’t, accountants say you should think twice before choosing one over the other.
Married people in particular should consider filing jointly. Those who file separately tend to receive fewer tax benefits. First, the standard deduction for joint filers is doubled.
“If you go the ‘married couple filing separately’ route, you could be missing out on valuable deductions and credits,” Reinhart says.
Larry Johnson, a certified public accountant in Springfield, Illinois, says divorcees can qualify as head of household and receive tax benefits.
social security number
Perhaps no single piece of data on your tax return is more important than your Social Security number. This serves as an individual’s tax identification number.
You probably have your social security number memorized. In that case, please double check that you have entered it correctly. If not, “your return may be rejected,” Reinhart said.
income
The goal here is both accuracy and thoroughness. You must ensure that all income from 2025 is reported on your tax return.
If you are an office worker, your key form will likely be a W-2. However, you should also collect all 1099s, which are forms that report income that you don’t receive directly from your employer. There are different types of 1099s that cover interest, dividends, and other income.
You may need to download some forms yourself. Make a list of all the forms you expect that are recommended by the CPA Institute and check them off as you come across them.
Information about direct deposit
The Trump administration is phasing out paper checks from the IRS, primarily because mailed checks are a target for fraud.
“I can accept a paper check, but I don’t see a valid reason to accept a paper check,” Johnson said.
The fastest and safest way to get your money back in 2026 is through direct deposit. However, be careful to enter your account and routing numbers correctly. If you make a mistake, your refund will be delayed.
your signature
After all your hard work, don’t forget to sign and date your tax return. The IRS will not accept it without a signature.
April 15th deadline
The deadline to file your tax return is April 15th at midnight.
Let’s briefly explain what happens if the deadline is missed.
If you don’t file your return on time, the standard penalty is a whopping 5% of the tax owed for each month your return is late, up to 25% of your unpaid balance.
If you file a return but don’t pay the taxes owed, you will typically be assessed a much smaller monthly penalty of 0.5% of the amount owed.
Here’s an important point. Late payment penalties apply even if extended.
“People may think that extending their application will give them more time to get paid,” Reinhart said. it’s not.
When requesting an extension, it’s best to pay all taxes you think are owed. That way, you won’t be penalized later.
check my work
Both Reinhart and Johnson recommend that taxpayers read their entire tax return one last time before hitting the “file” button.
This step is especially important if you have prepared your return in a hurry.
When you’re done with a job, Reinhardt said, consider setting it aside until the next day when you can review the return “with fresh eyes.”
Consider last-minute IRA, HSA contributions
This last item is about missed opportunities, not mistakes.
Illinois accountants note that from 2025 through April 15, 2026, you can contribute to a tax-advantaged individual retirement account or health savings account.
These donations are a great way to reduce your payments to the IRS. Contributions to an IRA or HSA reduce your taxable income and reduce your taxes.
