If you are prepared to work on your tax return Orlando yourself. Here are some essential basics that you need to keep in mind. The filing process is not only time consuming but fairly
Get The Correct Form
The safest form to use is the 1040. There are many tax deductions and exemptions that you can claim using this form rather than the commonly used, shorter forms like 1040EZ and 1040A. There is nothing wrong with choosing the shorter forms. They save you time and are not that complicated. However do make sure what kind of exemptions you might be claiming before you choose the tax form.
Meeting the Deadline
The IRS issued the deadline of filing the tax return Orlando by the middle of April. Try and prepare your taxes before this time. If you have an outstanding tax debt due with the tax return Orlando and you miss the deadline, you are liable to pay a lot of money in terms of interest and penalties. If you are not sure when you will be able to file the tax return by the deadline you can always opt for an extension. To do that you need to file the half page Form 4868 by the original tax return deadline. If you make a tax payment before the original deadline set by the IRS by using your credit card, you can automatically get a time extension.
Don’t Confuse ‘Filing’ with ‘Paying’
Know that paying your tax is not the same as filing for a tax return Orlando. Many people make the mistake of filling out the Form 4868 and expect that it allows them an extension on the time they have to pay their taxes. The IRS has separate interest implication rules for ‘paying’ late and for ‘filing’ late. Both of these can accrue concurrently when you fail to do either tasks.
The best way to deal with deadlines is that you make a prediction estimate of the tax liability before April and arrange to pay however much you can before the set deadline. This should be a priority over whether you can file on time or not.
The Most Common Mistake When Filing Return
Many people forget to do the most important thing when filing for tax return Orlando: signing eth return. For some it would be hard to imagine anyone making this error. The IRS treats the return invalid if you fail to provide your signature at the end. Now if you file a joint tax return Orlando with your spouse, remember that the IRS will not accept just the husband or the wife’s signature alone.
If you need more information about our Orlando accounting and tax services, please contact us at 407-502-2400. 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.