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