According to the Internal Revenue Service, one of the main things for consumers to avoid is putting off doing their taxes. Being under the gun to file by April 15 may make people feel more anxiety about their taxes.
“Rushing to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error,” the IRS said.
Another source of stress for consumers may be that they have questions when it comes to filling out taxes. The IRS recommends visiting its website, www.irs.gov, where consumers can find information and answers to their questions.
The site also provides consumers the opportunity to e-file their tax forms. Doing so can not only mean people get their money back more quickly but also helps avoids errors on tax forms.
However, completing tax forms may lead to another source of stress in the form of owing money. The IRS notes that people who can’t afford the amount they owe should still file their forms and pay as much as they can. Doing so can help avoid penalties and interest.
“The agency may be able to provide some relief such as a short-term extension to pay, an installment agreement or an offer in compromise,” the IRS said.
Another source of stress consumers may face is being the victim of identity theft. Unfortunately, many thieves may use the filing season in order to try and steal personal information.
In order to avoid this, people should make sure they don’t provide any sensitive information through email purporting to be from the IRS, as they could actually be phishing scams.
Similar Posts:
Recent Comments