If you’re like most people, chances are you’re making at least one of these tax mistakes. Some of them are simple errors that can be easily fixed, while others could cost you big time. Read more to learn.

Here are ten tax mistakes you might be making:

1. Not Filing Your Taxes on Time

If you don’t file your taxes on time, you could be subject to late fees and penalties. This one is pretty self-explanatory. If you don’t file your taxes on time, you’ll be subject to late filing penalties. And if you owe money to the IRS, you’ll also be charged interest on the amount owed.

2. Not Knowing The Difference Between A Personal And Business Expense

When it comes to taxes, there is a big difference between personal and business expenses. Personal expenses are not tax-deductible, while business expenses are. If you’re not sure whether an expense is considered personal or business, talk to your accountant or tax professional.

3. Failing To Keep Track Of Receipts And Documentation

If you want to deduct a business expense from your taxes, you need to have documentation to back it up. This means keeping track of all your receipts throughout the year. Make sure you save every receipt, even if it’s just for a small purchase.

4. Claiming Unallowable Deductions or Credits

This is a common mistake, especially with the new tax laws in place. Make sure you know what deductions and credits you’re eligible for before claiming them on your return. Otherwise, you could end up owing the IRS money.

If you claim deductions or credits that you’re not entitled to, you could be subject to fines or penalties. This is one mistake that can cost you.

5. Failing to Report All of Your Income

If you fail to report all of your income, you could be subject to fines or penalties. This is one mistake that can cost you.

You’re required to report all income, even if it’s from a side job or gig economy work. The IRS will likely catch up with you eventually, and you’ll end up owing back taxes plus penalties and interest.

6. Failing to Keep Good Records

One of the biggest mistakes taxpayers make is not keeping good records. This includes receipts, bank statements, and other documentation that can help prove your expenses and deductions. If the IRS questions your return, you’ll need to be able to back up your claims.

If you don’t keep good records, you could be subject to fines or penalties. This is one mistake that can cost you.

7. Making Estimated Tax Payments Late

If you make estimated tax payments late, you could be subject to interest and penalties. This is one mistake that can cost you.

8. Taking the Standard Deduction When You Should Itemize

The standard deduction has increased under the new tax law, but that doesn’t mean it’s always the best option. If you have high medical expenses, donate to charity, or pay a lot in state and local taxes, you may be better off itemizing your deductions.

9. Making Mistakes on Your Tax Return

Carefully review your tax return for mistakes before you file it. The IRS may catch errors, but they may also overlook them. If you’re found to have intentionally filed a fraudulent return, you could face severe penalties.

10. Not Planning for Your Taxes

The best way to avoid making mistakes on your tax return is to plan. Know what deductions and credits you’re eligible for, and make sure you have all the documentation you need. Filing your taxes early will also give you more time to catch any mistakes.

Avoid these mistakes and you’ll be in good shape come tax time. If you have any questions, be sure to consult a tax professional.