Income Tax Mistakes Can Hurt
Since all Americans have to file taxes, people often get busy about this time of year as they rush to meet the April 15 deadline for filing your Federal income tax return. Most Americans have a refund coming, so there’s no real hurry, but you can’t get a refund until you file. Since most of us are eager to receive our return as quickly as possible, we can often get in a bit of a hurry and being in a hurry leads to income tax mistakes.
Income tax mistakes can lead to overpaying taxes, underpaying taxes, or leaving you without a valid return at all, which means you won’t get your refund until you correct the return and resubmit it to the IRS. No one wants to do that, so it’s best to be aware of the simple and often obvious income tax mistakes that people frequently make and try to avoid them, if possible. Below are a few of the most common income tax mistakes and how you can avoid them.