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Tax seasoncan be stressful.
Plus, tax rules can change every year, adding a layer of anxiety for many.
Although Tax Day is around the corner, its not too late to maximize your savings.
Here are six common tax pitfalls to avoid amid changing policies.
Also seehow to prepare for tax season year-round.
Get the biggest refund you’ve got the option to by staying up to date on policy changes.
A little planning ahead of time can save you a lot of regret (and money!)
Kibbel shared how it happened to clients he counseled after the fact.
They felt they were doing something smart in terms of tax-free growth.
Nobody explained to them the upfront tax expense.
It came as a huge shock to them, he said.
Your financial situation changes, just like the tax laws, Richards said.
Greg Stoller, master lecturer in innovation and strategy at Boston UniversitysQuestrom School of Business, agreed.
This is due to shifting tax rates and prior deductions, which might no longer be available.
This can include thinking proposed changes are current law.
Acting on something too soon can lead to unnecessary stress, paperwork or complications in your tax situation.
However, consulting a tax professional is advisable.
Tax season shouldnt be the only time you think about taxes, she said.
Getting prepared for tax season is more than getting paperwork in order.
Its asking the right questions to your tax professional and taking your time.
I always advise people, it does not cost you anything to slow down, Kibbel said.
Hurrying through a change in policy without inquiring into specifics?
That is where the harm is committed.
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