April 15 is Tax Day.
Last year, the IRS pushed the deadline back two months due to thecoronavirus pandemic.
The rest of us will owe the government money.
(There are other factors, too, like deductions– more on that below.)
Remember that thetaxeswithheld from your paycheck don’t always go to federal income tax.
You also pay into Social Security, Medicare and depending on where you live, state income tax.
Otherwise, you’ll get stuck with a larger bill when taxes are due.
Keep in mind that it works for most filers, but not necessarily foreveryfiler.
double-check you have all your necessary documents before starting your calculations.
Don’t delay
When possible, it’s best to prepare your taxes as early as possible.
This usually happens around the end of January, but varies depending on your employer.
Once you’ve gathered the necessary documents, you’re nearly set to file.
And the sooner you file, the sooner you get your refund.
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