If there’s one thing in the world that is constant, that would be taxes. As long as governments exist, you will have to pay taxes.

You need to remember that you need to file your annual tax returns. That’s a very important step. As a working adult, you should never forget to do that. To help you out, here are a few things that you need to remember when filing your tax returns:

1. Not Filing a Return

This is the most basic mistake that you can make if your income is bigger than the deduction. If you’re single, your deduction is $12,000. If you are married and you are filing jointly with your spouse, the deduction is $24,800. 

Should you fail to pay your taxes, the IRS will go after you, make you pay what you owe, plus a penalty.

2. Paying Late

You need to plan paying for your taxes as early as possible to avoid problems later on. The penalty is not that harsh but you can avoid that altogether by paying before April 15th. 

3. Not Disclosing Your Full Income

Some people have part-time jobs where they do not earn that much. Some believe that they do not have to disclose what they earn from those jobs because the amount they are getting is small compared to what they earn from full-time jobs and they are not getting a 1099 form. That’s not true, however.

You will still have to report your income no matter how small it is. Your employer will be reporting that when they file their taxes. You can get fined for not reporting the income and then you could get audited.

4. Not Taking Deductions

The government adds new deductions for each year and changes the qualifications for the existing ones. You have to be on your toes when filing your taxes so you can make sure to take all advantage of all the deductions to which you qualify for. Some people just don’t bother with the deductions because they feel it’s too complicated but doing that means you are wasting money.

You can get help from an accountant so you can make the most out of your taxes.

5. Throwing Away Documents

It’s basic knowledge that you must keep your W-2 and 1099 forms but there are other documents that you need to keep.  Make sure that you don’t throw away receipts and bank statements that might be relevant to your taxes.

6. Not Keeping Records of Business related Expenses

One of the advantages of being self-employed is that you can deduct the costs incurred of you earning your money. You just have to make sure that everything is properly documented. That means keeping all of the important and relevant documents.

If you claim a deduction without the proper documentation to back it up, the IRS might audit you.

These are just some of the mistakes that you should avoid when it comes to your taxes. Remember, committing these mistakes can cost you money and can put you into trouble.