NEW YORK, June 9, 2022 (Newswire.com) - Tax season is stressful for just about anyone, whether you hire an accountant or opt to file yourself. The Federal Tax Code is thousands of pages long, filled with complex jargon and detailed regulations that many cannot understand. Tax stress is common (even after you have filed your returns), and many people worry about the same things.
Getting audited by the IRS
Worrying over possible mistakes is one of the top concerns from people after they file their taxes. Taxes as an individual are confusing, but they get even more confusing when you add in a partner, dependents, moving to a different state, job changes, or if you are self-employed. There are various forms that need to be filled out if you have a certain situation but not if you have another situation, so it can be hard to navigate.
Many people are worried that they will file their taxes incorrectly, which will result in an audit by the IRS or possible criminal charges that will result in jail time. It is important to note, however, that these worries are very unlikely to come true. It is not common for the IRS to send someone to jail for accidentally messing up their taxes, especially if you are making a typical middle-class salary. The IRS is much more concerned with tax evasion and fraud that is intentional, which often is conducted by those with large sums of money that they do not want taxed.
Not maximizing returns
The other main concern among people after filing their taxes is that they are not maximizing returns. People want as much or more than they got back in taxes last year, so it makes sense that this is a worry. There are legal ways to try to maximize your returns, like making eligible tax deductions. It is always best to consult with a CPA or tax attorney if you have any questions, rather than just guessing.
Worry around payment is at the forefront of people's minds. Not only are people worried that they will make a mistake, they are worried that this mistake will cause them to lose out on potential returns that could help them financially. The best way to avoid mistakes is working with a professional and taking time to fully read through things before submitting.
The bottom line
Tax season is stressful - everyone wants money back and wants to ensure that they do not owe anything more to the government. The two main worries are making mistakes and not maximizing returns, which tend to go hand in hand. Make sure to file taxes on time and get all of the paperwork together far in advance of the deadline, which is April 15 for personal taxes and March 15 for business taxes. If you file them yourselves using an online service, read through and accurately answer each question. If you have burning questions, you can always consult a local CPA.