Follow Tax Preparation Laws and Guidelines for Worry-Free Tax Filing
Starting a new year is a great time for setting goals and starting new good habits, but one thing everyone seems to loathe each January is the start of another tax season. Gathering receipts and records, waiting for W-2s to show up in the mailbox, finding a reputable tax preparer – it can all be a big headache. However, carefully going through tax preparations and finding an excellent tax preparation professional can save you much bigger headaches down the road – here’s why.
Amended Tax Returns
If you discover that your tax preparation service made any mistakes on your original tax return, you will be required to file an amended tax return – which means going through the entire process again. It’s important to get it right the first time.
Fines and Penalties
The IRS can impose fines and penalties for a wide variety of reasons. If your tax preparation service puts false information on your tax form, you will be held liable for any back taxes, fines, and penalties the IRS may impose. Check your tax preparation professional’s work and request corrections before you sign the form.
If the IRS successfully prosecutes you for a major offense, such as tax evasion, you could end up serving time in prison, all because your tax preparation professional omitted or falsified information on your tax return.
Searching for a reputable tax preparation service does not have to be hard. Learn more about how tax preparation services can help your business, and download a free report on maximizing your use of QuickBooks.