We are all well aware of the fact that a professional accountant in Orlando is important for sound financial advice. What we don’t know is that even an accountant can lead your finances in the wrong direction. This happens only due to a lack in judgment from your side. While choosing an accountant in Orlando, make sure you consider all the aspects. Sometimes these accountants cause greater problems for you and to avoid such circumstances choose an accountant in Orlando only after carefully screening him.
Never blindly follow your friend’s advice
Often we come across people giving perfect advice on everything. You might have faced a similar situation when looking for an accountant in Orlando. Some people from your social circle might suggest a particular accountant. Don’t get influenced. Do your own research, yes you can take advice and it’s harmless but make sure you don’t blindly follow the advice.
What is right for someone else might be wrong for you!
It’s not always true that if some accountant in Orlando was good for your friend might be good for you too. Everyone has a different nature and not everyone handles in the same way. Your financial plans might differ from your friend’s plan. Taking advice and discussing is healthy but don’t stick to just one option. Do your own research and then decide which accountant would be best to handle your finances.
Do you even need an accountant?
What if the problem is greater? What if you are influenced by your friends and family members and you decide that you need to hire an accountant in Orlando?
The answer is simple; don’t make impulsive decisions especially when it comes to finance.
There are always exceptions and many people are better off without an accountant. Sometimes accountants in Orlando will cost you more dollars then you can save. You also know your financial plans better and the policies of taxation or the income tax, so it’s better that you handle it on your own. This is just for the people who can manage their accounts and finances on their own; the rest should opt for an accountant in Orlando. Especially if you have a small business, don’t hire an accountant. A professional and costly accountant is relevant for multi-nationals and big businesses. Your small business will do just fine with you as the sole-handler of the finances.
Does he communicate regularly?
When you opt for an accountant in Orlando make sure he is a communicator and keeps in touch on a regular basis. It’s best to inquire from the accountant’s clients to confirm if he is responsive and talks to them regularly. If the accountant you’re opting for responds once a year or so, chances are that he’s not so efficient with his tasks.
Is he a record keeper?
Your accountant must be good with record keeping. Make sure to ask the accountant whether he manages all the files and keeps them updated? If he has poor managing skills then he might end up creating much worse problems for you.
There are many other considerations while doing a survey on accountants. It’s silly to choose the first accountant you visit as your financial advisor and handler. Know that the matter of your finances is a crucial one and handing it over to someone without proper research is insensible.
The Consequences of Not Paying Taxes
So you have no plans to pay your taxes or file that return for that matter. Do you know want you are putting at stake? Actually a lot, not paying your taxes can have very serious consequences. Ask any accountant in Orlando, and they will tell you the same. Indeed, you may not have to go through all of this because everyone has a somewhat different tax situation, but the fact that they might just happen is troublesome in itself.
Here are some consequences of not doing your taxes.
There are two sort of not paying your taxes. In one of these, you only fail to file and in the other you fail to pay. If it is the former, your penalty is 5% of the amount which you have yet to pay in taxes. Ignore this for five months, and it will increase to 100% or $135.
If you still do not pay, you will have to bear the penalty in addition to some more consequences.
Generally, the IRS wants a time value of any amounts that you owe to them. This is why when you have to bear a penalty, you are usually subjected to an interest amount. The rates vary between 4% to 6%.
So you are still ignoring your taxes. What can possibly happen now? The IRS will start sending you notices. The IRS does this just to provide you another chance and let you know you have not paid your taxes. Before they take any action against you, you are sent a notice and you have a maximum time period of two months to respond to it. In some cases, this is just a month.
IRS notices should serve as a warning sign, but they also imply that you still have time to put things right. Pay the money, or at least contact the IRS before it gets any more serious than this.
So you can get a refund? Well, you are not getting this if you have unpaid taxes. The IRS will use your refund amount as you tax payment.
The IRS can claim some of your assets if they have given you required notices in the past. This is under the Federal Payment Levy Program. They cannot stop you from earning an income, but they can snatch away your work tools or some of your benefits. Social Security is on this list.
A tax lien is the claim which IRS makes on your residence. This is actually a public declaration and your creditors, landlords and employers will come to know about it because it will show up on your credit report. As a result, your score wild decline. Until you pay taxes, the lien stays there.
Now that you are aware what happens if you do not pay taxes, you should get started on yours sight away. Should you have any queries, ask an accountant Orlando FL, and they will readily help you out.
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, 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.