It’s once again that time of year when we brave overcrowded gyms, dry January, and of course, the start of tax season.
As you begin organizing receipts and checking the mail for your W-2, it’s also a good idea to brush up on how you maximize your tax savings. Below are some of the common mistakes taxpayers make when filing taxes and how to avoid them.
1. Getting a big refund in April.
Filing taxes can be a stressful process, but getting a big refund at the end of it all can feel like a nice reward. Well, if you do get a refund each year, it’s not exactly cause for celebration. The truth is that getting a refund is bad, actually.
Why? That money isn’t a generous gift from Uncle Sam. It’s your money that you earned throughout the year, but didn’t receive until you filed your taxes.