The U.S. tax code runs nearly 4 million words. But even though the tax rules are complex, most of the mistakes that taxpayers make are fairly simple.
Here are 10 of the most common tax mistakes that trip us up and how to avoid them:
Not filing on time
The IRS estimates that 20 percent of taxpayers wait until a week before the April 15 filing deadline to file their income tax forms.
Filing for an extension will give you more time to file your forms, but you still need to pay any taxes owed by April 15. If not, the IRS will charge you interest.
If you need to file for an extension, you can calculate your taxes owed and file Form 4868 free with TaxACT Free Federal Edition.
Then sign in to finish and file whenever you’re ready by the Oct. 15 extension filing deadline.