A good tax accountant is a powerful partner for you and your business. Many individuals and organizations in Rancho Cucamonga, the Inland Empire, and beyond unknowingly fork over too much to Uncle Sam. Additionally, they may needlessly pay costly fines and penalties that could be avoided with a little planning and expertise from the professionals at Whyte & Associates.
Our team, which includes Enrolled Agents certified by the Internal Revenue Service, sees a few common mistakes that either leave lots of money laying on the table or drain you of money that could be reinvested back into your savings or your business’s growth. We have outlined some of those oversights here:
- Failure to file – Do not fall victim to thinking that, just because you had little to no earnings, you do not need to file a tax return. In fact, the IRS in 2018 reported that more than $1 billion in federal income tax refunds were unclaimed. We work with you to obtain the refund, credits, and other benefits that you are only eligible for if you file.
- Incomplete income details – If failing to report income completely and accurately becomes a pattern, you are asking for both federal and state penalties. We work with clients year-round to get their financial affairs in order. That way, the poor management that often leads to costly errors is curbed.
- Late filing – In addition to filing accurately and completely, you must file in a timely fashion. Penalties are assessment for late returns, and you may be subject to additional fees if you continue to fail to pay (assessed monthly). We help you to stay on top of your financials and pertinent changes. So, tax time is never an afterthought that leaves you scrambling to meet the deadline. Rushing to file tends to also increase your risk of making errors that will cost you.
One of the biggest benefits of turning to our tax professionals also represents one of the biggest mistakes: missed opportunities in the form of adjustments to reduce your tax liabilities, and the latest credits and deductions. Contact us to schedule your complimentary consultation. We will help you rethink “tax time”!
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