Filing a tax return is a very important task for everyone to complete each year; businesses, as well as individuals. It is also essential to file all taxes accurately and on time to avoid unnecessary penalties and fees. Another reason to file your taxes is to take advantage of the many credits and deductions for which you may qualify. You will avoid losing your refund as well as the possibility of owing the tax agencies when it is all said and done.
You do not have a choice in filing or not filing your taxes – be it personal or business! If you don’t, then the relevant tax agencies will file estimated tax returns on your behalf. The Internal Revenue Services (IRS) for example, will use only your earned income that was reported on your W2 and 1099, without the other information that only you have regarding your finances, and apply the very basic deductions. If you own a business and do not file its taxes accurately and on time, you could be charged huge monies and be targeted with tax liens and levies if the amount owed is not paid on time.
Filing your tax returns should be a top priority each year to ensure you receive all the credits and deductions to which you are entitle, as well as reducing any additional tax liabilities you may owe. Filing a tax return is a process! Gathering information and observing changes in tax laws can make filing taxes a dreaded feat and be very stressful and overwhelming.
Of course, there are several software available to help simplify the tax filing process; however, if you are not up to date and privy to any new information regarding changes for the tax year, and also portions of your tax information that you could be credited for, you could lose money you could have gotten if you had the knowledge. You could also avoid paying taxes when you could have received a refund instead. This is where tax professionals come in very handy. Taxes are best left to the professionals who are knowledgeable and experienced in the tax preparation and filing arena!
Call us at 718-257-4535 to set up an appointment to get your accounts updated and your taxes filed.
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