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Common Tax Mistakes You Need to Avoid

Nobody likes to do their taxes. In fact, most people will do anything if it avoids sitting down to do it. Unfortunately, it is just something that needs to be done.

That being said, many people make mistakes on their taxes. Here are some of the most common ones that occur.

Not filing your taxes at all. Many people assume that, since they can’t afford to pay what they owe, they shouldn’t file at all. This can get you in legal trouble so you should at least file them and then work out a payment plan.

Waiting too long. The IRS believes that around twenty percent of people procrastinate when it comes to their taxes. They often wait until the last minute and work really hard to try to get their taxes done. Some don’t and have to get an extension.

Not keeping your return. It is important that you keep a copy of your tax return for a few years. In fact, the IRS has three years to legally audit you.

Not following tax changes. Taxes get changed every year so it is important to make sure that you follow all of the latest news. You can go to the IRS news page to keep up with the latest changes.

Many people decide that, since they can’t afford the fee, they aren’t going to pay their taxes. That is a big mistake. Another mistake is waiting too long. You might have to file an extension if you don’t have enough time to file your taxes.

You may also struggle to keep up with any changes that occur with your taxes. The best way to avoid this is by hiring someone to do your taxes. Contact us for all of your tax needs. We will make sure that you file your taxes correctly, so you are less likely to be audited.