With tax season in full swing, business owners and individuals everywhere are trying to get their taxes prepared and filed quickly and without trouble. Unfortunately, the “fast and easy” route often comes with bad advice, filing mistakes, and additional fees and expenses for you. The best thing you can do this tax season is hire a team of experts to prepare your taxes for you. Back Office Support Solutions is here to help you, and we only offer the best advice and the best services when it comes to tax preparation. Just so you know what kind of red flags to look out for, here is some of the worst advice we’ve ever heard about tax preparation.
“Filing Taxes Is Voluntary!”
This is a myth that’s been around since the dawn of time. The IRS Form 1040 states that the tax system is voluntary, but that does not mean that skipping filing taxes is an option. That statement has been misinterpreted for decades, and claiming that you are choosing not to file taxes will only get you in trouble with the IRS. What they really mean is “Voluntary compliance refers to our system of allowing taxpayers to initially determine the correct amount of tax and complete the appropriate returns, rather than have the government determine tax for them from the outset.” According to the IRS. If a tax preparer tells you that you don’t have to file taxes, turn around and walk away quickly.
“You Should Always Exaggerate Deductible Expenses—You Won’t Be Audited!”
Even though the number of people being audited is lower than in years past, there is a still a chance that any individual or business can be audited, therefore, you need to be very precise in reporting your deductible expenses. While exaggerating them may be tempting, it is not in your best interest to do so, as there is still a chance for an audit. Additionally, tax filings are automatically scanned to look for exceptionally large deductions, so even if you’re not audited, you could still be caught. If a tax preparer suggests or encourages exaggerated deductions, walk away immediately, as they may be encouraging you to commit tax fraud. If you’re caught doing so, you will be the one who is punished, not the tax preparer responsible for giving the bad advice.
“Don’t Worry About Having Documentation!”
Perhaps the most important role you play in your own tax preparation is in keeping thorough records and documentation throughout the year. An inexperienced tax preparer may tell you that it’s not a big deal to have proper documentation, but estimating amounts on taxes or leaving out certain information is simply unacceptable. Not only do you need the correct information from the course of the previous year, but you also need all the proper tax forms and income information in order to have your taxes prepared correctly.
“Anyone Can Prepare Taxes!”
While tax software has improved leaps and bounds, knowing all the ins and outs of tax preparation is just not possible for the average citizen who isn’t a current or aspiring tax professional. Filing taxes yourself can save you money in the short term, but it can also end up costing you more in missed deductions, underpayments, and other costly mistakes. Even hiring a random tax preparer is probably not in your best interest, as their experience and qualifications are often unknown and unreliable. It is a much better option for you to hire Back Office Support Solutions and have a team of qualified and experienced experts prepare your taxes this year.
No matter what kinds of bad advice you’ve heard about tax preparation, you don’t have to fall victim to it and get caught in a mess with the IRS. To ensure that you receive only the best tax advice and the best tax preparation services, contact Back Office Support Solutions and set up a meeting with one of our experts right away. Utilizing our services is the only way to guarantee that you will not receive any bad advice and that you will get the absolute best tax preparation available. Call us today at 619-363-3009.