PSA: Procrastinating Your Taxes Can Make Filing More Expensive. Here's Why

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PSA: Procrastinating Your Taxes Can Make Filing More Expensive. Here's Why

//business-finance.news-articles.net/content/202 .. s-can-make-filing-more-expensive-here-s-why.html

Published in Business and Finance on Wednesday, March 12th 2025 at 7:21 GMT by CNET

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source
🞛 This publication contains potentially derogatory content such as foul language or violent themes

The article from CNET discusses the financial implications of procrastinating on tax filing. It highlights that waiting until the last minute to file taxes can lead to several costly mistakes and missed opportunities. Firstly, procrastination might result in missing out on tax deductions and credits due to rushed or incomplete information gathering. Secondly, it increases the likelihood of errors in the tax return, which could trigger audits or penalties. Additionally, last-minute filers often end up paying for expedited tax preparation services or software, which are more expensive than standard options. The article also notes that procrastinators might miss the deadline for contributing to retirement accounts like IRAs, which could reduce their taxable income for the year. Lastly, if taxes are owed, waiting could mean less time to gather funds to pay, potentially leading to penalties and interest on the tax debt. The piece emphasizes the importance of starting early to avoid these additional costs and stresses.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/taxes/psa-procrastinating-your-taxes-can-make-filing-more-expensive-heres-why/ ]