Tax Day is coming — How to avoid these costly mistakes - video Dailymotion

With Tax Day fast approaching, many filers make costly mistakes— here's how to avoid them.

Transcript

00:00So, we're just under a month to April 15th, which we call Tax Day, so let's talk about

00:04a few of the common mistakes people make when it comes to their taxes.

00:08First, is people wait to the very last minute and they rush, which means they make mistakes.

00:15And a lot of times people do that because they expect to owe, and so they're putting

00:19it as long as possible.

00:20Here's the thing, even if you file today, you still don't have to pay until April 15th.

00:26Another common mistake people make is they have life changes and they don't take that

00:31into account when it comes to filing their taxes.

00:33Maybe they had a child, they got married, they bought a home, all those can produce

00:38tax benefits.

00:39The third one is we see people miss common credits.

00:42A couple regular ones that we see people overlook are the earned income credit, which actually

00:47can be a very large refundable credit, and education credits like the American Opportunity

00:52Credit or the Lifetime Learning Credit.

00:55One way to avoid that is to make sure you get help when you need it, and if you have

00:59a tax professional, ask them to look at your prior year tax returns when you're working

01:04on this return to make sure you didn't leave anything off then.