Although tax season can be a stressful time, you can save money, time, and heartache by avoiding common traps. Let's examine the top three tax mistakes you should stay aware of in order to maximize your return and be prepared.
Top 3 Mistakes to Avoid During Tax Season 2025
1. Missing Deadlines
Filing your taxes late can lead to penalties, interest on unpaid taxes, and unnecessary stress. The IRS has strict deadlines, so it’s crucial to start early to gather all your documents and avoid last-minute scrambling. Procrastination can cost you, don’t let it happen!
Pro Tip: Mark your calendar with key tax dates, and if you anticipate delays, consider filing for an extension to avoid penalties.
2. Overlooking Eligible Deductions
Leaving money on the table is a mistake you can’t afford. Many taxpayers miss out on deductions they’re eligible for, like home office expenses, health insurance premiums, student loan interest, and more.
Action Step: Keep detailed records of your expenses throughout the year, and consult with a tax professional to ensure you claim every deduction you’re entitled to.
3. Ignoring Tax Law Changes
Tax laws can change year to year, and 2025 is bringing new updates that could impact your return. Whether it’s changes to deductions, credits, or income thresholds, staying informed is key to avoiding surprises.
Why It Matters: Ignorance of tax law changes could mean missing out on benefits or even filing incorrectly, which might trigger an audit or penalties.
2025 Tax Season Doesn’t Have to Be Stressful
At FACT Advisors, we specialize in helping individuals and businesses navigate tax season with confidence. From staying on top of tax law changes to ensuring every deduction is accounted for, we’re here to maximize your return and minimize your stress.
Don’t wait, contact FACT Advisors today and let us guide you through a hassle-free tax season!
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