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For most people, taxes are due on April 15. Some self-employed and business owners will pay quarterly, but they still need to reconcile any changes by the April 15 deadline. While it’s possible to get an extension, you will still owe an estimated amount of money, and the IRS will charge penalties if you fail to meet your payment deadlines. Tax preparation is an ongoing thing -- saving and storing all the financial information you'll need to do your tax return will give you a jump start. Read MSN Money: What You Really Need To Do Your Taxes to learn more.

Sometimes, you may miss deductions that could save you money on your taxes. On the other hand, if you deduct the wrong things, you're a candidate for an IRS audit. Being able to afford tax payment is a significant problem for many people. An estimated 13 million people face penalties annually for an inability to pay their taxes. But the IRS is now more willing to help if you can't pay your tax bill.

If you’re concerned about making mistakes, you may want to consider hiring a tax professional to help. Be sure you do your research before making a commitment.

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