Kissimmee Tax Return Advice for Individuals Who Owe Too Much

As tax return Kissimmee advisors we ask this question to our clients.  Did you not prepare for your taxes beforehand? If that is the case, you probably will not know whether you will be owning money to the IRs or will be entitled to a refund. In case, you do not plan your taxes properly, you may be surprised to know the huge amounts you will be owning to the government. If this happens to you, how will you handle the situation? Here are some tips that can help you pay your taxes if the amounts are excessive.

Go through your return thoroughly

Though this need not be mentioned, you should double check your forms before you file your tax return Kissimmee. Who knows there might be a credit that you overlooked or forgot to take some deductions? Or maybe there was a mistake in your calculations? Ask your accountant for help in this regards. There might be something you are missing out, and he probably will be able to figure it out since he is more professional at this than you are.

Make sure you have utilized your deductions properly

Deductions are the best way you can bring down taxes. Whether you pay interest on a home loan, spend an amount on charity, contribute to a retirement account or have huge medical expenses, you can get a deduction. There are many other instances as well in which you can use deductions to reduce your taxable amounts; your accountant can provide you more information about these. Use all of them so that you can reduce your tax bill as much as possible. Once you figure out your deductions, itemize them on Schedule A. If your standard deductions are greater, use them; otherwise, do with your itemized deductions.

File a timely tax return Kissimmee

If your tax amount is too much, you might not be able to pay it all at once. Even if this is so, you should still file your tax return Kissimmee before the April 15 deadline.  Remember that if you fail to file in a timely manner, you will have to face penalties, and the same will be the case, if you do not make any payments at all. While the latter of these might be a little hard to control, the former definitely is not.

Explore your possible options

You may not be able to pay your full tax amount, but you can at least pay some of it, right? If you cannot write a check, you can always use your credit card or take a loan. Dealing with interest on your card or loan is probably better than incurring problems with the IRS.

Request a temporary delay

If your financial situation is extremely significant, you can request IRS for a delay until your condition betters. However, there is no guarantee that the IRS will always approve your request. You will still have to bear interests and penalties, but at least the IRS will not trouble you with anything else.

If you need more information about our Kissimmee accounting and tax services, please contact us at 407-502-2400.  Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years.  Our Orlando accounting and tax firm has its main offices in Kissimmee, FL.  Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL.  Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.