With tax-deadline day — April 18 — only eight weeks away, Americans are working away at their IRS returns, facing all the usual difficulties.
One primary problem U.S. adults have with their taxes is that the U.S. tax code is notoriously complex and difficult for the average taxpayer to understand. In fact, 57% of the population isn’t confident about their knowledge of the tax code, according to data from TaxSlayer.
As with any learning experience, a good way to gain insider knowledge of taxes and filing is to ask a trusted accountant or other tax specialists.
“Many Americans may not be fully informed about the tax system or aware of all the potential deductions or credits available to them,” says Levon Galstyan, a certified public accountant at Oak View Law Group, Auburn, Calif. “In particular, some people may not have a clear understanding of their tax goals, such as maximizing their refund or minimizing their tax liability.”
That lack of tax knowledge can lead taxpayers to make some serious mistakes when they file their taxes, including . . .
- Getting stressed and anxious about filing taxes.
- Filing too early
- Waiting till the deadline to file.
- Missing the tax-filing deadline.
- Failing to get all the tax deductions to which they’re entitled.
- Not filing their taxes at all.