There are several complicated situations in which you may struggle to file taxes — e.g., if you own a small business or rental properties. Rob Burnette, CEO at Outlook Financial Center, said tax professionals may offer assistance for those.
Since you don’t have to physically write a check or go in and pay for it, it’s easy to lose track of unnecessary spending, says Lori Gross, a financial advisor at the Outlook Financial Center.
For starters, financial advisor Rob Burnette of Outlook Financial Center in Troy, Ohio points out that filing early can reduce your exposure to someone fraudulently filing a return using your identity.
"Tax planning should be a part of every financial advisor's approach to growing a client's investable assets and retirement income," says Rob Burnette, CEO, financial advisor and professional tax preparer at Outlook Financial Center.
“Many people will file extensions because they can’t pay a balance due, and some just don’t file at all,” said Rob Burnette, CEO, financial advisor and professional tax preparer at Outlook Financial Center.
Lori Gross, financial and investment advisor at Outlook Financial Center says credit cards bear the brunt and cause you to incur extra costs and fees, like sky-high interest rates.