As Orlando tax problem advisors we see that tax mistakes are a norm in the United States. You do not go to jail for making these, but not avoiding them does mean you may have to face some issues later on. You may have to pay penalties or your refund check might be delayed depending on the blunder that you make.
As a precaution, avoid the following common mistakes and no tax problem in Orlando would come your way.
Delaying Your Filing
April 15. Does the date ring a bell in your head? Sure does and as it draws nearer, you become anxious and confused. While finding your receipts, managing your finances and filing out the forms, there is a good chance that you might delay your filing because of the complexities and confusions involved. The IRS estimates that almost 20% people wait until the last week to file taxes, and makes the process even more complicated and stressful.
Delaying your filing is not a good idea but many people still do. The process is not easy, and you might be facing a tax problem in Orlando while you are at it. If so, avail the services of an accountant to help you out because late fling is equal to interest and penalties.
Missing Out On Some Of The Information Or Providing Incorrect Deals
Yes, you did gather your records, fill out the forms and submitted everything in time. Despite this, why have you still not gotten your refund check? Simple enough; you either did not fill your form correctly or missed out some fields. Both of these indicate trouble and can lead to any tax problem in Orlando. The most common of this is an unnecessarily huge delay in your return. And if you miss the filing deadline, you can add penalties to the list as well.
Just a little care on your part can help you in avoiding these mistakes and save yourself from tax problem in Orlando. Double check your firm, and if you can, opt for e–filing to make the process easier.
Making Math Errors
Were you not good at your math classes when you were in school? Better not let this be the case during filing. Math errors are very common on tax forms despite the fact that people use a calculator. Once again, if you e–file, you do not have to worry about this issue because the software will take care of the calculations. But you will still need to input the numbers correctly.
Making calculation errors has both positive and negative consequences. At times, your returns are a lot more than you expect. Sounds good? Sure does, but if it is the other way round, you would owe a lot of money to IRS.
Not Keeping Yourself Up To Date With Tax News
Tax polices change frequently and you need to be aware of the latest law. The IRS website is very helpful in this regard and can provide you with all information that you need to have. You can even ask an accountant to provide you with the latest information.
If you need more information about our, Orlando accounting and tax services, please contact us at 407-344-1012. 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, 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.