As Tax Day approaches, experts advise filing on time to avoid penalties and mistakes. Many taxpayers wait until the last minute, causing stress and potential errors. Experts also emphasize the importance of accuracy and not assuming missing forms will arrive.
But whether you file by Tax Day , or request an extension, the key is filing on time to avoid penalties and other costly mistakes."You will be surprised how many people wait," she said."Every year, we see people walk in the door at 11 p.m., April 15."
But waiting until the last minute creates problems, she says, because many taxpayers forget important forms. "A lot of people don't bring all the documentation they need," she said, and then she has to send them back home again.Mark Steber withJackson Hewitt agrees, saying it's important not to miss the deadline, but also saying you don’t want to lose sight of the need for accuracy."Just because you didn't get, it doesn't mean you can leave it off your tax return," he said, because there is a very good chance the IRS did get that form, and is aware of that income.
Steber says you should track down any missing forms by reaching out to your employer or other issuer.But he says another common mistake is thinking an extension gives you more time to pay."If you're going to owe taxes, you have to have those paid in on time by tax day, April 15, or run the risk of penalties and interest," he said.For last-minute tax help in person, however, Steber says watch out for fake tax preparers you may find advertising on social media.
Gina Pinto says whether you are doing it yourself or visiting an office like her Liberty Tax office,"don't wait, don't wait."____________________________________For more consumer news and money saving advice, go to www.dontwasteyourmoney.com
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