Tax expert shares last-minute filing tips to minimize headaches and maximize your return

With the April 15 tax deadline fast approaching, millions of Americans are scrambling to finalize their returns and avoid costly mistakes that could shrink their refunds or trigger audits.

Now is a critical time to double-check for overlooked deductions, unclaimed refunds and common filing errors that could affect how much money you receive – or how long it takes to get it.

To help taxpayers avoid some common pitfalls, Fox News Digital spoke with Bankrate tax analyst Kemberley Washington to get some last-minute tips to keep in mind as Tax Day approaches.

TAX TIP: DON'T FILE UNTIL YOU GET ALL NECESSARY DOCUMENTS

Even small errors on your tax return – like an inaccurate Social Security number, misspelled name or an incorrectly recorded income – can lead to consequences. Taking the time to double-check your information, confirm your bank account details for direct deposit, and file electronically can help reduce the likelihood of errors and prevent future headaches.

"You want to think about reviewing your tax return, making certain that your Social Security number and bank account information is correct. This is even in a case if someone is preparing your tax return for you because, at the end of the day, it's ultimately your responsibility to make sure that everything is reported correctly on the tax return," Washington explained.

According to Washington, leaving off essential items is the biggest common mistake people make when filing taxes.

"For instance, maybe they were supposed to receive a 1099 form for work they performed in the prior year, or maybe they didn't receive a tax document, so with that, they may leave these items off their tax return," she elaborated.

The IRS warns against other common mistakes – failing to sign forms as needed, choosing the wrong filing status (i.e. filing single or separately instead of jointly) or failing to double-check for simple math mistakes before submitting.

Washington advised looking at your prior year's tax return to get an idea of which income deductions you recorded.

Next, create an IRS online account.

"That way, you can have all of your documents in one place. You can search there for the prior year's tax information that you should have received, but maybe you didn't receive enough mail," she said.

Many taxpayers miss out on valuable deductions simply because they aren't aware they qualify. Whether you're self-employed, a parent, or a teacher, taking time to explore available deductions could mean a larger refund or a smaller tax bill.

Some commonly missed deductions include student loan interest, retirement contributions, HSA contributions, educator expenses, medical expenses, expenses for home office use and charitable contributions. 

What you're eligible to receive "depends on your personal situation," Washington pointed out.  

For parents, the most commonly overlooked deduction is the Child and Dependent Care Credit, a credit eligible for claiming if you've paid expenses to a nanny or babysitter or even in the case of paying for a summer camp, she said. 

"Let's say you're a teacher, or you work in a school K through 12, and you spend money for supplies, COVID-19 products, personal products as well, all of these things that you spend money on throughout the year… a teacher can take the deduction on their tax return… for those expenses that will not be reimbursed," she added.

Keeping thorough records throughout the year can help ensure you're not leaving behind any opportunities to maximize your return or minimize your payout.

Time is running out for taxpayers who never claimed their 2021 tax refunds. The IRS estimates more than a billion dollars are still on the table – but if not filed by the April 15 deadline, those funds could be lost for good. 

"The IRS says that in order to claim a refund… you have three years. After those three years are gone, then that tax refund is gone forever, so that means that this year, April 15th, 2025, is the three-year mark, and that's the last you can claim your tax refund for 2021, so that's a big deal," Washington said.

She added that the height of the COVID-19 pandemic changed some things about the 2021 tax year.

"With that [change], you have what's called a recovery rebate credit, and this is a credit that, if you receive maybe a partial stimulus payment, maybe you didn't receive a payment at all, you may qualify to claim that credit on your tax return to receive those additional payments, whether it be for yourself or even for your children, dependents, or whatever the case may be, based on your personal situation."

After the April 15 deadline, that money becomes property of the U.S. Treasury and can no longer be claimed.

Unclaimed refunds often stem from people who didn't file a return because they didn't earn enough to be legally required to file. But if federal income tax was withheld from their paycheck, or if they're eligible for refundable credits like the Earned Income Tax Credit (EITC), they could be owed money without realizing it. 

Tax season is a prime time for scammers looking to swindle sensitive information for refunds. 

As a former IRS criminal investigator and revenue agent, Washington has enough experience working with the IRS to know the agency will never call and demand money on the spot.

"[If the caller] says, 'Hey, you need to make this payment for the taxes that you owe or else we'll come and arrest you… that's definitely not the IRS. That's one of the scams that typically take place during the height of tax season, and it's just a way for those scammers to get money from people who are vulnerable," she said.

"They may ask for gift cards, wire transfers or some type of financial payment, but you have to know the IRS will never do that."

The IRS will also never contact taxpayers by email, text message or social media to ask for sensitive personal or financial information. If you receive what appears to be an IRS email requesting highly personal details like your Social Security number, bank account information, PIN number or tax filing status, don't fall victim to these phishing attempts.

The IRS website contains a lengthy list of common scams to look out for, warning taxpayers not to click on questionable links from outside sources, not to believe any threats or demands and to know the ways the IRS will typically contact taxpayers if correspondence is necessary.

"We typically contact you the first time through regular U.S. mail delivered by the U.S. Postal Service. To verify the IRS sent the letter or notice, you can search for it on IRS.gov. Some letters are sent from private collection agencies," a page on the agency's website reads.

The IRS can also contact taxpayers by email, text messaging (with permission), phone calls, fax or a rare in-person visit once the initial letter has been sent.

Missing the April 15 tax deadline doesn't mean all hope is lost. Taxpayers can request a six-month extension to file, but it's important to understand what that extension entails – and what it doesn't.

Washington makes clear that, while filing an extension gives you extra time to submit your return, it does not give you extra time to pay your taxes.

If you owe money to the IRS, you're still required to pay what you owe by the April 15 deadline to avoid interest and potential penalties. 

"If you're not able to meet that [April 15] deadline… keep in mind that you can file form 4868 with the IRS. You can do that two different ways – you can do it online for free at the IRS free file program, or you can download the form and put it in a mail as long as it's postmarked by April 15," Washington explained. 

"The good thing about filing an extension is that it gives you more time, and you won't face failure to file penalties as long as you get that tax return in by October 15 of this year, but if you know that you're going to owe, one of the things you want to do is drop a payment in the mail as well. You can pay online, and you want to pay what you expect to owe as soon as possible by April 15, so, that way that can also eliminate the failure to pay penalties at this time."

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FOX Business' Eric Revell contributed to this report.