Aaron Lesher, CPA with Hurdlr

“Doing your taxes” is a broad term that means completing and filing your tax return and sending it to the government. A tax return, in a basic sense, is a form that states how much money you earned during the year from your job, business or side gigs. It also lists all the expenses you incurred during the year that you can “deduct” from your income.  Since taxes are only calculated on your income minus any eligible deductions, it’s advantageous to take as many deductions as you can to reduce your tax bill, whether you’re an individual or business.”

K_Ross

Larry Ludwig, Founder and Editor in Chief of Investor Junkie

“If you don’t file your taxes on time or at all, the IRS can levy hefty fines and in severe cases, criminal charges. An IRS audit is definitely an unpleasant experience and you can help avoid one by filing your taxes accurately and on time each year. If you make less than $200,000 a year, however, your audit risk is about 1 percent.”

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