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Tax Services in Orlando Most Common Tax Errors

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FTAX Blog Pic Tax Services in Orlando Most Common Tax ErrorsOkay so you have finally stated thinking about taxes and taken out all those forms? Gather all required paperwork and then sit down to filing up the return form. We recommend that you seek reputed tax services Orlando because they will make the process easier for you and they will also ascertain that you do not make any sort of mistakes. The IRS claims that there are over 2.7 million errors on the tax forms, and there is a high chance that you might be one of these. Hiring reputed reputed tax services Orlando will decrease the likelihood.

So what are the errors which people mostly make? Here is a look.

Orlando Tax Service Simple Errors

Some errors are way too simple, but their consequences are just not. We know so many people who misspell their name or give an incorrect social security number. Sometimes people end up writing down the wrong digits or just forget to write the first or last digits. Others enter information in different fields. Math errors are also common, and there are so many people who forget to put down a date and signature on the form.

Simple as these errors are, people do make them. The good thing is that with a little care, you can avoid these. Fill your form carefully and go through it again to make sure there is no incorrect information.

Not claiming your dependents properly

A dependent is an individual for whom you are financially responsible as your spouse or children. Dependents help you in reducing your taxable amounts, but they do complicate things, especially if you are a part of a huge family. I you are not sure about your dependants, go to the IRS site, and answer some questions. Using your responses, the questionnaire will determine your dependants for you.

Please note that being a dependant does not mean a person has to be a relative. Even if someone is not related to you, they can still be your dependant if you are meeting their financial needs. There is one thing to take note of: only one individual can claim a person as a dependant. So for instance, if you are divorced and the child’s mother specifies him as a dependant, you cannot do it until she steps back.

Not filing a tax return

The IRS may owe you money and you may be expecting a refund, but you will still have to file. The same can be said for people with lower levels of income, who often assume that they are exempted from taxes. This may not always be so. If you are not certain that you have to pay taxes, you can either go through the IRS website or take help from reputed tax services Orlando.

Retirement Related Mistakes

Many people do not correctly specify the amount which they can deduct from their taxable income for their retirement contributions. This is especially so if a basis is involved in your account. Discuss the matter with reputed tax services Orlando and they will guide you.

Tax Advice for Last Minute Filers

Is April 15 only a few days away? So who how will you manage taxes now? Simply act on our advice, and you will get them done. According to the IRS, there are over 25% people who file in the last two weeks, so your situation is not that bad as it may seem so.

But before we proceed, we will like to add that the deadline is only meant for people who have to pay taxes. If you are expecting a return, it just does not matter when you file. However, the earlier you do, the better it will be. Anyway, getting onto the main things,, here are some tips which will make taxes easier for you even if only a short time is left.

Get organized

Gather all your required tax forms, and other supporting documents. Do you have a copy of the return which you field last year? Take this out, and if not much has changed in your life, most of the things will still be the same.

Also make sure that you have your W-2s, 1099 and other relevant forms. These are emailed by the 31st of January, and if you still do not have them, notify the concerned companies. In case, they do not respond to your request, notify the IRS.

File for an extension

Even if after trying all the above, you feel that that you will not be done with those tax forms by the 15th of April, you can file for an extension. Should you do this, it only means that you have time for the paperwork. You will still have to pay your taxes before the deadline. Discuss the matter with reputed tax services Orlando, and they will provide you with an estimated amount.

Make sure you are not making any blunders

Yes, we know you are in a hurry because the deadline is looming down upon you. This still does not mean that you can afford mistakes. As far as your taxes are concerned, you should not be making any sort of errors because it will complicate things for you.

When you have filled out your form, go through it at least here times and make sure there are no errors. Your names and your security card numbers must be right; same goes for your dependants. Make sure that you are filing under the right status, and that you are availing all the deductions.

Get professional help

The best way to go through all those tax forms and file within time is to seek reputed tax services Orlando. They will guide u through the process and will even fill out the forms for you. Obviously, you will have to provide them the data, but they simplify a lot of other things. And they can even help you in paying the lowest amount in taxes by allowing you to utilize all available deductions. You may not know you are eligible, but they will.

So act on our advice, and you will soon be over with taxes.

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 numbers, incorporations, and non profit 501c3 tax exempt.


Robert AcevedoTax Services in Orlando Most Common Tax Errors

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