Before mailing your return, double check for common mistakes that may delay your refund. For example, verify that you supplied the correct social security number and make sure that your return is signed and dated. And don’t forget to file on time—there is a penalty for missing the deadline. Believe it or not, one of the most common mistakes is failing to file a return when due a refund. According to the IRS, taxpayers forfeit refunds if a return requesting a refund is not filed within three years of the due date.
Perhaps the toughest tax time comes after you file. Whether you are anxiously awaiting your tax refund, or find yourself owing the IRS this year, the key is to have a plan.
Facing the Spend or Save Struggle
When You Owe the IRS
The folks at Money Management International exist to educate and inform consumers about their financial choices. We are not accountants, and cannot answer tax-related questions. For tax information, visit www.irs.gov.