Tax crunch time is here: What to do (and not do) this week

John Matarese highlights common tax filing mistakes to avoid as the April 15th deadline approaches. He emphasizes the importance of filing on time to avoid penalties and ensuring accuracy in documentation. Mark Stieber from Jackson Hewitt advises tracking down missing forms and warns against assuming extensions provide more time to pay taxes. The video also cautions against fake tax preparers and stresses the need for careful filing to avoid costly errors.

Why is it crucial to file your taxes on time?

• To avoid penalties and costly mistakes

• To receive a larger refund

• To qualify for tax credits

• To reduce your taxable income

What is a common issue faced by last-minute tax filers?

• Missing the deadline for tax credits

• Filing in the wrong tax bracket

• Not having all necessary documentation

• Forgetting to sign their tax return

What should you do if you haven't received your W-2 or 1099 form?

• Estimate the amount and file

• Wait until it arrives

• Ignore it and file without it

• Contact your employer or issuer to track it down

What is a common misconception about tax extensions?

• They give you more time to pay any taxes owed

• They are only available to first-time filers

• They are only for businesses

• They automatically reduce your tax liability

What is a red flag when choosing a tax preparer?

• They offer online filing services

• They charge a flat fee

• They have a physical office location

• They guarantee a refund without reviewing your documents