TAX PLANNING Problems
If you have been handling your own tax issues for yourself or your business, you may realize you have gotten yourself in hot water. When this happens it is probably a good time to consider bringing in the professionals to take care of the problems. Some of the issues could be missed due dates for filing, not having collected enough to pay your quarterly payment, missing money or assets, and worst of all a pending audit.
There are four main problems tax payers have to consider:
- Errors on their returns – Making errors raises red flags. Things as simple as leaving off your social security number or miscalculations can get your return rejected.
- Getting a tax audit – This can be terrifying and fortunately it does not happen that often. But if you should be in that situation you will want to have your ducks in a row.
- Errors by the IRS – Yes, it does happen. Things like losing your tax return, applying payments to the wrong account, sending out an incorrect refund, incorrect penalties, incorrect filings and underpaid taxes are just a few.
- Failing to pay what you owe – You may expect a refund that never comes because it was applied correctly or incorrectly to an outstanding tax bill. You may find you have a lien on your property, your wages garnished, or your bank account levied.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
Whatever you do, don’t let tax problems escalate. By understanding how the system works and working with professionals you can avoid missing that filing deadline, claiming improper deductions, or having incomplete records.