Tax time crunch

The new year has just begun, and now is the time for everyone to start doing their taxes. With only two more weeks to go, people will start to gather their information so they can file early. The people who usually start at this time are called the e-filers. They do their taxes and then file them to the IRS all online so they can get their money back early. While this can be a great idea for people in debt or in need of money to make the new year easier, this process can also allow people to make some costly mistakes.

For instance, people may not take the extra time needed to go through all of their receipts, find proof of giving to charities, and any other costly expenses they could deduct. Most of the time they take the standard deduction, because it might be easier and less stressful for them. The down side of all of this, is people run the risk of potentially losing a lot of money. The up side of it all, is that they will get their money back much sooner than those who file later on.

The important thing for people to realize is that when you do your taxes this is your chance to ask the IRS to give you back your money. This money came out of peoples paychecks and was added onto whatever they might have purchased the entire year. With time this can add up to a lot of money. It is important for everyone to know that this is money that we are all owed.