Tax season is coming to a close in the US. With the April 15th deadline right around the corner, Geltrude & Company founder Dan Geltrude joins Yahoo Finance Live to discuss last-minute filing tips.
Geltrude highlights three common mistakes for tax filers: inputting the wrong social security number, wrong filing status, and incomplete information such as missing 1099s. He warns that missing any of these three items can "bring attention to your tax return" from the IRS.
For those who know they will owe taxes, Geltrude recommends not avoiding filing. Instead, he suggests that you file and pay what you can with the aim of "reducing the penalties for not filing." He notes there are two ways individuals can work to pay their bills: a payment plan or an offer in compromise.
Regarding individuals with 1099s due to gig work, Geltrude recommends filing this 1099 income on Schedule C. He explains that this allows individuals to report this as a business expense and have deductions for anything they use to generate that income.
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