5 Tax Mistakes You Can't Afford to Make This Year
Though 2020 may finally be behind us, many people have yet to recover from the tumult of the past year.
Given that we're still grappling with a widespread outbreak and shaky economy, the last thing you want to do this year is fall victim to tax mistakes. Here are a few to steer clear of at all costs.
This year's tax filing deadline is currently April 15. Last year, the IRS extended the deadline by three months to give filers more time to cope with the ongoing pandemic. Back then, the coronavirus outbreak came as a shock. This year, the pandemic is already a part of life, so the IRS probably won't grant extra leeway. Prepare for that and start gathering your tax documents in January. Being late with your taxes could result in costly penalties. Plus, if you're owed a refund, you probably don't want to delay it, especially if your income has taken a hit during the pandemic or you're otherwise struggling financially.
Source Fool.com
