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Top Reasons Why Some Fall Behind their Taxes

Top Reasons Why Some Fall Behind their Taxes

Falling behind your taxes is one of the scariest experiences you can encounter as a taxpayer; only second to getting the heavier collection sanctions of liens, levies, or seizures. 

As a provider of tax services in Round Rock, Texas, we at KF Tax & Accounting, P.C., have provided solutions to various tax problems—most of which are due to the following reasons:

  • Failure to file
    This happens due to various reasons such as a personal or family crisis happening right around the tax season or even just your misinterpretation of what you can claim. A quick fix for this is to avail accounting and bookkeeping services to ensure that you’re able to file amid some difficult situations and that you know exactly what you can or can’t claim. 
  • Underwithholding 
    This usually happens when your employer fails to claim enough withholdings from your paycheck during payroll processing because you claimed excessive exemptions on your W-4 form which forms the basis for your withholding. 
  • Failure to make estimated tax payments 

Self-employed individuals have to make estimated tax payments throughout the year themselves as part of the self employed tax they are liable to. Failing to make these estimated tax payments usually results in a large liability by the end of the year. Fortunately, enlisting the services of one of the leading tax accounting firms in Texas can easily solve this. 

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