Filing for tax can be a huge problem, especially when you have little to no knowledge about the laws. However, if you take help from an accountant in South Orlando, you will not need to worry about anything at all. Hiring an accountant in South Orlando means that you are taking help from an experienced and certified individual who will help minimize mistakes in the tax form. Let’s take a look at some of the most common tax filing mistakes that an accountant in South Orlando will save you from.
Writing the Wrong Names
When you are filling tax forms, you have to be very careful with the words and numbers that you write. Writing wrong names can often result in either cancellation or delay in the tax process. The IRS looks for accuracy and if the name on the form doesn’t match the name the tax identification number, your process will get delayed. With the help of an accountant in South Orlando, you can avoid minor errors like these to speed up your tax filing process.
Calculating the Figures Incorrectly
This is one of the biggest problems that taxpayers face when filing for tax. Math can be quite challenging, especially for the individuals that are unable to calculate accurately. Any mistake in transferring figures will result in high tax payments and low tax refunds. If you make a mistake in calculations and writing down the figures, the IRS will notify you of the error. However, there is nothing much that you can do. Therefore, make sure you make the taxpaying process as smooth as possible by taking help from an accountant in South Orlando.
Not Reporting Extra Income or Savings
The IRS needs to know everything. So, if you try to hide extra income or a side business from them by not mentioning it in the form, you will get caught. Whether it is a separate savings account or a second job, you have to let the IRS know because the 1099 form that contractors and employers make you sign are for the IRS. When the IRS finds out about your extra income or savings, you will get notified and you will face a penalty. Therefore, do not take this risk and hire an accountant in South Orlando to avoid making mistakes that will cost you lots of money.
Failing to File on Time
Many taxpayers keep tax form for the last minute. When they are unable to keep up with the extensive paperwork, they miss the deadline and face penalties. All of this can be avoided if you have an accountant in South Orlando by your side. Accountants have extensive knowledge about tax laws, paperwork, tax implication, and deadlines. Therefore, they will help you prepare and file for the application accurately prior to the deadlines, saving you a lot of time and money. In case you hired the accountant after missing the deadline, you can take help from him or her to get an extension.
If you need more information about our 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.