Share:

Whether you’re an individual who needs tax help, or a small business owner seeking business tax preparation, there are common mistakes that you can easily avoid as long as you’re aware of them. ZP Tax has been providing their Silver Spring, MD, clients with quality tax preparation services for years. Below their qualified team describes three common tax filing mistakes to avoid.

The 3 Top Tax Filing Mistakes to Avoid

1. Underreporting Taxable Income

While it might not seem like a big deal, if you don’t file the correct amount of taxable income, it can leave you with a whole host of issues to deal with. Not only will you risk being audited, but you will likely owe back taxes, interest on those taxes, and possible penalties for not paying on time. Wait until you have all of the applicable documents before filing. If you don’t have them by the deadline, pay your estimated taxes or file for an extension. 

2. Missing the Tax Deadline

While the income tax date looms in the back of most people’s minds, missing the deadline entirely can get you into trouble. Instead, file for an extension, which will give you until October to file your taxes. However, you need to pay any taxes due along with your extension request. Not doing so can result in late payment penalties. 

3. Not Seeking Tax Preparation Help

One of the biggest tax preparation mistakes you can make is not seeking the help of a qualified accountant to file on your behalf. While the latest software promises to make the tax filing process easier, nothing beats the know-how of a seasoned professional who can guide you through the latest tax laws, look at your specific situation, and help you to get the best return. 

If you’re preparing for next year’s taxes, it’s a great idea to have a clear understanding of the mistakes to avoid. To address this and other tax filing questions you might have, speak to a qualified expert. The team at ZP Tax specializes in providing you with the top tax preparation and accounting services in the Silver Spring area. They stay on top of the latest tax laws so that you don’t have to. Call them today at (301) 587-4829 or visit their website for more information. 

tracking