Last-minute filers should be aware of the important information with only 10 days left until the tax-filing deadline.

Many Americans put off filing their taxes until the last minute, including you.

According to a survey by IPX 1031, the most common reason for the delay in filing this year is the belief that if there's no refund, there's no urgency to file. Approximately one-third of those surveyed use this excuse, while 25% say filing is too stressful and another 20% want to ensure they're filing correctly.

Not filing taxes because you believe you won't receive a refund is a grave error, according to tax experts. You may be eligible for tax credits and deductions that you were unaware of.

Games are a fun way to teach kids about money. Inflation concerns prompt Americans to reevaluate their financial decisions. If prices continue to rise, consumers may need to reduce spending in certain areas.

Small-business owners often overlook tax deductions for their vehicle and home office, which could result in missing out on a significant refund, advised Eric Pierre, a CPA and CEO of Pierre Accounting in Austin, Texas.

If you owe money to the IRS, you must file a return and establish a payment plan or send some money to reduce interest and penalties, as advised.

Nearly 58 million tax refunds have been issued in the 2022 filing season, with an average payment of $3,263, which is $400 more than the average refund for the 2021 filing season. Tax experts suggest filing electronically and requesting direct deposit to receive your refund faster.

As the tax-filing deadline nears, it is crucial to be aware of the "do's" and "don'ts" to ensure a smooth process.

DO file your tax return on time

You have extra time to file your taxes this year as the federal tax-filing deadline is Monday, April 18, not the traditional April 15 date. This is due to the Emancipation Day holiday in the District of Columbia, which is impacting tax deadlines for everyone in the same way federal holidays do.

The deadline for filing state tax returns varies by state. In Maine and Massachusetts, taxpayers have until April 19 due to the Patriots’ Day holiday, while most states have a deadline of April 18. It is important to verify your state's specific tax filing deadline.

DO review Covid relief tax breaks

Taxpayers who claim incorrect amounts for their Recovery Rebate Credit and Advance Child Tax Credits are making common errors, according to the IRS. If you didn't receive the full amount of the third round of Economic Impact Payments last year, you may be eligible to claim the Recovery Rebate Credit. The IRS should have sent you a letter indicating the amount you're owed. Use this information to complete your tax return.

When preparing your tax return, refer to the IRS letter indicating the amount of your Advance Child Tax Credit payment.

Genevia Fulbright, a CPA and president of Fulbright & Fulbright in Durham, North Carolina, advised that some individuals are forgetting to include the advance child care credit they received in 2021 when filing their tax returns. If this is done, the IRS will make an adjustment, resulting in a lower refund or even owing money depending on the tax situation.

If you suspect an error in the credit amount in those letters, contact the IRS before filing.

In 2021, the IRS will allow taxpayers to claim a deduction of up to $300 (or $600 for married couples filing jointly) for cash contributions made to qualifying charitable organizations, regardless of whether they claim the standard or itemized deduction. Additionally, if taxpayers itemize their deductions, they can claim a deduction for charitable contributions up to 100% of their adjusted gross income.

DO report all taxable income

Before beginning to fill out your tax return, ensure you have all documents related to your taxable income readily available. You may have received multiple W-2 or 1099-MISC forms reporting your wages and/or self-employment income, so be sure to include them all.

People often overlook interest-bearing accounts and fail to file Form 1099-INT or forget about jobs and neglect to include W-2s on their tax returns, according to Sheneya Wilson, a CPA and CEO of Fola Financial in New York. It is crucial for individuals to conduct a thorough evaluation of their financial year.

In 2020, a special law allowed taxpayers to exclude unemployment compensation from taxes, but this exclusion was only for that year. However, unemployment income is generally taxable and should be included on your return.

DON’T forget to check that bitcoin box

If you didn't receive, sell, exchange, or dispose of any financial interest in any virtual currency during 2021, it could be a red flag to the IRS.

DON’T fail to file because you don’t have the funds

Failing to file a tax return can result in significant penalties, with a penalty of 5% of unpaid taxes for each month that the return is late, up to 25% of the total unpaid taxes.

If you don't pay your taxes by the April deadline, you'll be charged 0.5% of the unpaid taxes for each month that your return is late, up to a maximum of 25% of your unpaid taxes.

To avoid receiving an unexpected tax bill, consider applying for a payment plan if you're afraid you won't be able to pay what you owe by April 18. If you won't be able to complete your return by the deadline, request an extension by April 18, which will give you six months to submit it or until Oct. 17.

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