Freedomtax being a tax service provider we know that taxes are complicated for a normal individual to understand at times. Not everyone has a good grasp on the current changes going on in the market so it may come as a surprise when some new tax is introduced to them. However, taxes are vital to run any country and if you’re a permanent resident, you have to pay taxes.
Even tourists get to pay taxes which are deducted in the form of sales taxes and consumer taxes for any services or food that they consume. However, with so many taxes being levied by the Government, everyone needs some kind of guidelines to know how to go about their tax returns. Therefore, before you choose to fill in a form, here are a few do’s and don’ts of filing in your tax returns forms:
Whether it is your first time filing for taxes or you are an old veteran, you should read all the paperwork thoroughly and carefully. All paperwork contains filling information in accordance with the policies being followed and issued for that year. You are not being tested so you don’t have to stress yourself in trying to read and fill everything as quickly as you can. Although the task is time consuming, make some time for it over the weekend.
Ask For Help
If there are any clauses that you do not understand or you are running short on time, you can ask for help from numerous people. You can opt to hire an accountant or a tax preparer etc. With most organizations and businesses specializing in providing tax preparation services, you’ll find that help is just a phone call away.
Inform the Authorities
Even if you do not have the amount of cash to pay your taxes, you should still file your tax returns along with a permission slip requesting either extension of date for payment or requesting a slot in their installment payment plan. Although this only exempts you from getting any penalties and you still have to pay the interest on the amount, this also lets the IRS know that you are making an attempt to pay back what you owe and are not evading taxes.
Forget to File Taxes
When you’ve worked hard at getting the all the paperwork ready, do not forget to file in your tax returns. When someone does not file in their taxes, it can be seen as an act of tax evasion by the IRS. This not only gives them an excuse to levy a fine but they may also hand you a jail sentence for your forgetfulness.
Ignore Your Tax Debt
Do not ignore your taxes since it can only result in you getting a tax debt. Unlike the popular belief that if you ignore something, it’ll go away, the IRS are notorious for making you realize that you missed out on something they want. That’s not all, non-payment of debt would mean that fines, penalties and the IRS‘s interest system would soon create a very big amount.
If that doesn’t get your attention, the IRS can legally seize your assets including your house and car and have you thrown in jail for non-payment.
If you require any more information regarding tax returns, tax preparation services and tax debt help and procedures; please feel free to contact us at 407-344-1012 for more information.