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Are you rushing through your return, overlooking deductions or relying too much on a big refund?
To prevent this from happening, taxpayers should frequently monitor their IRS accounts.
Underreporting can lead to penalties and interest, Flores said.
Educate yourself on what qualifies as a hobby versus a business.
Not Substantiating
The IRS loves a paper trail for just about everything you could think of.
Prioritize record keeping and organization.
Getting ahead of this can makefuture tax filingsso much simpler.
Although social platforms can be helpful for information sharing, they can also spreadinaccurate tax advice.
Last tax season, thousands of taxpayers filed inflated refund claims after relying on incorrect social media guidance.
To avoid this, consult a trusted tax advisor before acting on advice from social media, she said.
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