5 Common Tax Mistakes to Avoid in 2021
The tax code is complicated. It often changes, so it can be difficult to know what rules to follow and what benefits you're entitled to. If you're not careful, a few careless moves could cause you a world of financial worries. Here are a few tax mistakes you should make every effort to avoid this year.
Each year, the majority of people who file a tax return are due a refund. If you're expecting money back from the IRS, then it pays to get moving as quickly as you can. This year, the IRS will begin accepting tax returns on Feb. 12. While taxes aren't due until April 15, you could end up getting your money back a lot sooner if you hustle.
It's especially important to file your taxes early this year if you were entitled to one of the recently issued $600 stimulus payments, but didn't receive yours. Those who don't get their stimulus initially will need to claim the Recovery Rebate Credit on their taxes to get that cash. The longer you delay, the longer you'll wait.
Source Fool.com
