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Financial stress rises as tax season approaches; experts warn of common mistakes and scams

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With the April 15 tax deadline just a month away, stress is mounting for millions of Americans. Experts with the IRS said tax season often worsens existing money worries, leading to last-minute filings and potential mistakes.
As tax season approaches, financial stress is on the rise among Americans, exacerbated by economic challenges like inflation and high interest rates. According to a survey by NerdWallet, 52% of Americans feel stressed about their personal finances, with 35% specifically anxious about filing their taxes. Experts highlight several common mistakes to avoid, such as missing the tax filing deadline, which can lead to penalties, and not reporting all income, which can trigger audits. Additionally, there's a warning about prevalent tax scams, including fraudulent tax preparers and phishing emails designed to steal personal information. To mitigate these issues, it's recommended to file taxes early, ensure all income is reported, and be cautious of unsolicited communications claiming to be from the IRS.

Read the Full WTOL Article at:
[ https://www.msn.com/en-us/money/personalfinance/financial-stress-rises-as-tax-season-approaches-experts-warn-of-common-mistakes-and-scams/ar-AA1AM1GO ]