11. Forgetting to file your return
Although there’s highly unlikely to forget about it, some taxpayers find themselves in this position. Or they don’t realize how much they need it. According to Lewis, almost every single year, the taxman reports having more than $1 billion in unclaimed refunds.
A big portion of those unclaimed refunds belongs to Americans who think they don’t earn enough money in order to file their taxes. Don’t forget to file your return, and do not assume that you don’t make enough to file. You could be missing out on good tax credits and refunds by not filing.
On top of that, if you forget about your return, for each month your return is late, you will pay penalties for late filing.
See also: Will Uncle Sam Tax My Stimulus Payment?
