Tax Saving Tax Savings Do you feel that you overpay on your taxes every year?
You do not know why you are keeping paying.
My Video ” Let IRS Give you a Paycheck” shows you how to put money in your pocket.
The first step is to make sure you have an accounting firm that knows the answers.
Using Turbo Tax or a Free service does not have the Income Tax or accounting back round to save you money.
With Turbo Tax is nothing more than a program. On the free versions, no place to answer.
Any of your questions. How are you going to know if you are receiving tax saving no audit?
Smart Taxpayers will have to keep researching to get the answers. Even then you do not know if correct.
Free Services for tax preparation or accounting could be even worse than Turbo Tax. I have two issues with this form of accounting representation.
The first issue is that they will not have your interest at heart. If you only have only 1 w2 or one 1099r, then it could world for you.
Anything else must be cautious since they do not have advanced training to assist taxpayers. What tax saving if they only know the basics?
Knowing the dates is a tax saving one can quickly achieve.
IRS and most State department of Venues have dates to file.
If you do not pay the dates, you will pay a late fee.
Here are some of the dates. If you have a Corporation or LLC the time to file the return is March 15.
On the March 16th IRS will start to charge you $196 for every shareholder of record.
I see it every year that Business returns are filing late and have to pay late fees.
Sending in an extension or filling on time will avoid late fees. That is like putting money in your pocket.
An extension is a form will extend the time to file your return to October 15.
Paying your business renewals is on time is another way a small business can make the government put money in your pocket.
Late charges will happen if you do not pay on time. Every state has different fees so check with your state’s department of corporations.
May 1 is the due date in Florida. I tell my clients that must pay the renewal fee of $150 before April 30. They will charge you a late fee of $400 on May 1. Every month after that the taxes go up. Paying in August will set you back $600. Why would you want to spend the extra $450? That money saved is
an easy tax saving you can put in your pocket.
Estimated taxes is the easiest way to have a tax saving
If you have a business and you know that there is going to be a tax liability.
IRS will charge you the penalty and late fees for filing late.
Estimated Payments would be your tax saving for small business owners.
You start making 4 payments every quarter to the IRS.
Taxpayers who use this system avoid paying the extra penalty and interest.
IRS form 1040-ES is the form that your accountant or bookkeeper should be able to prepare for you.
Corey & Associates Accounting Services is responsible for this Blog post. We are an accounting Firm that is open year round.
The office is located at 1800 W 68 St Suite 118, Hialeah Florida, 33014. Free Consultation.