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Avoid These Tax Mistakes At All Costs Monday 27 January 2020 04:13 PM UTC-05 | Tags: save With the holiday season officially in the past, it’s almost time to start filing your annual tax returns. One of the biggest financial mistakes you can make is not doing your taxes on time which can result in a hefty tax fine. You also don’t want to rush to do them close to the deadline, as that can only lead to mistakes. You need to start planning for tax day at least five to six months before the deadline to ensure that you get the most out of your taxes. Here are a few glaring mistakes to avoid when filing your taxes this year. Not Filing A Return Karen Hatch / Contributor Karen Hatch / Contributor One of the biggest mistakes you can make is failing to file your tax return if your annual income is more than the standard deduction. The amount of standard deduction varies depending on your marital status. For example, a single person filing has a standard deduction of $12,000 while a married family filing jointly has a deduction of $24,800. If you don’t pay your taxes, it can attract the attention of the IRS who will make you pay the tax bill plus a 5 percent penalty for delayed payment. Also, filing taxes will also help you receive a tax return for the money withheld by the state or federal government. Tags:
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Monday, January 27, 2020
[Latest News] Credit Counseling News: Avoid These Tax Mistakes At All Costs
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