taxes generic paperwork frustration

No. 2: Not filing on time

The IRS reports that up to 20 percent of Americans wait until the last week to file. Just something to think about as you rush around on tax day trying to get everything done.

But make sure you do get everything in on time. Because once you are late with your taxes, you've opened a Pandora's box that can get worse with each passing day -- literally.

The IRS will start charging you interest payments, compounded daily, as soon as you are late. Then there are the penalties for filing late, which varies depending on how much you owe and how late you are.

While you can file for a six-month extension using Form 4868, you still need to file that form and pay any tax you owe by the regular filing deadline.

Really, it's much better to get it all over with and not end up paying more to the IRS than you need to.

Signing tax form, taxes, signature, money

No. 1: Forgetting to sign your return

Don't make perhaps the most embarrassing tax mistake of all -- sign your return.

According to the IRS, 1 million people each year forget to take that one final, simple step.

If you're filing electronically, you obviously don't have to worry about this step. Besides the fact there are no physical papers to actually sign, tax preparation software and websites won't send your return to the IRS without every step being complete.

But, believe it or not, about half the people filing individual tax returns still do so the old fashioned way. So if you're one of those filers rushing to the post office at the last minute, don't forget to sign your forms before stuffing them into the envelope.

Not signing your forms -- or forgetting to have your spouse sign if filing jointly -- won't kill your return, but it could put your last-minute filing past the deadline and will delay any return you have coming.