Whether you are a seasoned filer or a newbie, you are bound to bump into problems along the way. As one of the leading tax accounting firms in Texas, trust us when we say that we’ve encountered them all from our clients.
In line with this, we at KF Tax & Accounting, P.C., your trusted provider of tax services in Round Rock, Texas, are providing you with some of the most common tax issues and the ways you can remedy them in a two-part blog entry. Here’s part one:
- Not claiming legitimate tax deductions because of fear of triggering an audit
When you don’t claim legitimate tax deductions, you’re risking paying for the taxes you do not, in fact, owe. The best way to handle your fear of an audit is to audit-proof your tax return by enlisting a tax preparation service.
- Not being able to file your tax return on time because of certain situations and/or the lack of enough funds to do so
Not filing on schedule results in late filing penalties and interests. This is 5% of your unpaid taxes for each month your tax return is late. The best way to handle your situation is by using Form 4868, Application for Automatic Extension of Time to File Individual Income Tax Return to request for an extension of time.
If you have been having trouble managing your deadlines, it may be time to enlist the help of a provider of accounting and bookkeeping services to keep you on track.