People often find filing for taxes a tenuous task, preferring to outsource it to a tax services provider. For many people, hiring tax services Orlando FL is not only convenient but also less risky since it saves them from the common tax filing mistakes that are often made. However, if you are well aware of these common mistakes and are careful enough to avoid them, the process of tax filing can get much simpler for you. Here are some common mistakes that people often make when filing for taxes and knowing them can help you stay away from them. If you still find tax filing a headache, you can always rely on tax service Orlando FLs for your year-end tax management.
Tax Services Orlando Tax Filing Mistake 1 – Wrong Calculations
The most common mistake that is made by people at the time of tax filing is making wrong mathematical calculations. Whether the mistakes are made during the transfer of figures between the schedules or during the arithmetic calculations, they always spell trouble for the tax-payers.
Mistakes such as these can result in reduction of your tax refunds or they can make you owe more than you actually do. Therefore, it is very important to take care of accuracy in these calculations. If possible, you should try and use good tax preparing software so that these mistakes can be avoided.
Tax Services Orlando Tax Filing Mistake 2 – Incorrect Account Numbers
When you provide multiple account numbers on the tax forms for receiving the tax return deposits, there are chances you may get these accounts wrong. The more account numbers you enter, the higher these chances are. This way, you can lose the entire amount of tax refund that is designated towards a wrong account number.
Even if you provide a single account number, doing so incorrectly can be very harmful for you. Therefore, when you start filling in the tax forms for your tax refund payments, be very careful about the information you are providing.
Tax Services Orlando Tax Filing Mistake 3 – Additional Income Details
Another common area where most tax filing mistakes are observed is the additional income area. People who have multiple sources of income coming from their savings or investments need to deal with additional and more complicated paperwork when filing for taxes. In case you miss out on adding a particular source of income and the oversight is discovered later, you will be responsible for paying several other penalties and additional charges, creating higher financial liability.
Therefore, you should maintain an entire record of all your income sources and include them at the time of the tax returns to avoid unfavorable circumstances. If you have confusion regarding these forms, it is much better to consult tax services Orlando FL providers.
Tax Services Orlando Tax Filing Mistake 4 – Putting in the Wrong Filing Status
Another common mistake that is often observed in the tax forms is the incorrect relationship status that people often enter. You have the choice to select from 5 different types of statuses. A complete description of these statuses should be read carefully to know whether you are filing it in correctly or not. If you file in your tax reports with the wrong status, you might end up getting delayed in your tax proceedings.
If you need more information about our 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 firm has its main offices in Kissimmee, FL. We serve 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.