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Tax and Bookkeeping FAQs & Tips

Frequently Asked Tax and Bookkeeping Questions

Question: How can I save on my tax bill?
Answer: With effective tax planning, most tax payers can save a bundle on taxes. This requires year around planning and monitoring of your particular tax situation and can save you considerably more than the cost of the tax service.

Question: I have not yet filed my taxes for 2013, what are my consequences?
Answer: If you file your taxes late and are due a refund there is NO penalty for filing late.

Tips:

THE HIGH COST OF NOT FILING TAX RETURNS:
If you file your taxes late and are due a refund there is NO penalty for filing late.

If you owe taxes and pay late, you may be subject to two penalties. The first is a failure-to-file penalty and is usually 5% each month or each part of the month for which the return is late and accumulate to 25%. Plus a failure-to-pay penalty for each of the months (or partial months) of unpaid taxes. Add the interest that accrues each month to the unpaid balance and it can add up to a hefty bill. Get those taxes files and paid, you may even be due a refund!

You will not have to pay a failure-to-pay or failure-to-pay penalty if you can show reasonable cause for not filing or paying on time.

IRS NOTICES AND LETTERS:
If you are one of the millions who received an IRS notice or letter, don’t panic. Each notice has special instructions about what you need to do. Even if you don’t agree with the notice, it’s important for you to respond. Most can be handled quickly and with little or no cost. Ignoring them, however, can be quite costly. Penalties and interest can escalate to financially devastating sums.

If the issue is a simple matter and you can easily handle it yourself, do so immediately, otherwise consult a tax professional who is qualified to help with your particular situation. Consult NAEA for a list of local enrolled agents in your area.

 

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