Filling tax return in Orlando is an annual process that requires the utmost of time and attention. Tax returns in Orlando are your annual contributions to the running of the state and the IRS closely audits your tax returns to check if you have filed your tax returns without errors or not.
Documents of tax return in Orlando and other parts of the US have to be true and 100% genuine if you have signed on them and fined. If this isn’t the case, the State can launch a legal case against you and fine you for your intentional or unintentional mistakes.
There are several common mistakes that people do when filing tax returns in Orlando. Here is a list:
· Bad Math
Math miscalculations are one of the most recurring mistakes in tax returns filing. Most people tend to fill in their forms in haste because of the fear of deadline which ultimately leads to them trying to rush themselves to the finish line. The forms have mistakes in figure transfers and simple arithmetic that often lead to a correction notice being served to you. Beware bad math is often a reason for your tax refund reductions and delay in getting the refunded amount. Try to avoid this trend of making math mistakes and provide the IRS officials with a tax return in Orlando they’ll pleasantly be surprised with.
· Extra filing work is a must when you have additional Income
It is common among the youth and the highly ambitious individuals to have more than one source of income. This means they are either doing an extra job or are having a side business. Either way, for a side business you need to along with filing your tax return in Orlando you should also file your 1099 MISC form that details you earnings. For people with savings and investment accounts, 1099 INT and DIV forms respectively are needed to be filled. It is strongly recommended that you include these forms in your tax returns because the IRS checks such things carefully and can result in an investigation.
· Not choosing the correct Filing status
There are 5 options when you are filling in tax form. Each filling status is different to the other and makes a difference to your ultimate tax bill. Choosing a filing status can be a tricky part when filling you tax returns in Orlando. For example, a head of a household status give you the opportunity to get deduction for all the kids that you have under 18. A status other than that and you’ll end up losing the chance to avail a deduction that was true to your situation. Therefore it is important that you choose your tax filing status with great care and after consultation with some professional.
· Missing the deadlines
Most people realize the complexities of a tax form right at the deadline date and usually have to file for an extension. This extension is on filing and not on payment. Make sure you never miss the October 15 deadline. That may result in a fine or an even severe punishment.
If you need more information about our Orlando, FL 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, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland 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 number, incorporations, and non profit 501c3 tax exempt.