It's that time of year again. No, I'm not talking about March Madness. I'm talking about taxes. The April 15 deadline is fast approaching and, if you're like most Americans, you haven't filed your taxes yet. But don't put it off too long. One common error many young filers make is missing the deadline.
"A big mistake is that ... millennials say, 'Oh, April 15—they don't really mean that'," said Annette Nellen, certified public accountant and professor of accounting and finance at San Jose State University. "No they really mean it. You can get extensions to file, but not to pay."
Even if you ask for and get an extension, you need to file a form requesting it by the deadline. And if you're granted an extension of time to file your return, that doesn't mean you have an extension of time to pay whatever you owe in taxes. You can still get hit with a failure-to-pay penalty. "Those deadlines are serious," said Nellen.
Here are other common and potentially costly errors people make, and how you can avoid them.