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The 3 Biggest Mistakes People Make When Filing Taxes

Taxes can be overwhelming. This stress may cause you to make mistakes when filing your taxes.

Depending on your situation, your taxes can be relatively straightforward or can require extensive time and energy.

Keep an eye out for these three common mistakes people make when filing taxes:

1/ Losing Out on Deductions

Garbage in. Garbage out. Bookkeeping is important for making sure you capture all your deductions. Waiting until the last minute increases the risk of overlooking deductions.

2/ Missing the Filing Deadline

The tax filing deadline, usually April 15th, is a deadline you don’t want to miss. Filing late can incur penalties. If you need more time, consult your CPA or tax professional for a timely extension request.

3/ Stressing Out About Filing

Many taxpayers don’t feel confident in completing and filing their returns themselves. User-friendly tax software or working with a CPA or tax preparer can help free up time for you to do the things you enjoy, instead of the things you have to do.

Working with reputable tax preparers, such as a CPA, enrolled agent, or other tax professionals, can prevent errors and save you money.

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