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The #1 Thing You Need to Know About Taxes

Let’s face it. Taxes are complicated.

Gathering important documents and learning basic concepts can help make the process easier to navigate.

If you ask me, this is the #1 thing every taxpayer should know when it comes to taxes:

1/ Failing to file will cost you more than failing to pay your taxes

Don’t procrastinate on your tax return, even if you can’t pay your bill. Failing to file results in more penalties than the penalty for failing to pay. The IRS offers helpful payment plans if you need one.

Even if you’re short on time and expect a refund, you need to file on time or it can cost you. If you wait more than three years, you won’t be able to claim the refund at all.

Tax breaks and credits, like the Earned Income Tax Credit or the American Opportunity Credit for students, can result in getting money back even if you don’t owe any tax.

As you reach retirement age, filing taxes becomes even more important due to required minimum distribution penalties for taxpayers with retirement accounts.

Don’t leave money on the table. Maximize your deductions by working with a CPA or professional tax preparer, especially if you have investments or own a business.

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