Tax season is a dreaded time of year for many people. The only thing that could possibly make this time of year worse is to make a mistake when you’re filing your taxes. This can trigger fear for anyone that doesn’t know what to do when they have made an error during the filing process. Luckily, there is no need to panic. Mark Dicus & Company is here to share the process that you need to follow if this is the situation you find yourself in.
Common Tax Filing Stumbling Blocks
There are several mistakes and errors that can be made when you’re filing your taxes. Anyone dealing with a tax filing mistake or roadblock, can find this information helpful. Here are some of the most common tax filing issues that people could be dealing with:
– Filed Taxes Wrong: If you have found yourself in a position where you have filed your taxes wrong, you need to take a deep breath, first and foremost. Then you can do a few different things to make this right. You can file an amended return. This is a process in which you correct any errors you may have made or include any documents that you failed to provide the first time around. You can also pay any additional tax that may be due. It is important to remember that when you don’t have all the answers, there are tax professionals that can help you.
– Filing Taxes Late: Another problem is filing taxes late. The action item for you is to get those taxes in as soon as possible. Don’t wait around. If you are owed a refund, you won’t have to pay any penalties. However, if you owe taxes, you’re looking at interest and penalties that will likely need to be collected along with your taxes.
– Failing to Pay Taxes at All: If you have failed to pay your taxes at all, you may have reason to be worried. You are going to be potentially facing serious consequences. You may have tax liens put on your property and can negatively impact your credit score. There may also be tax levies in place where the IRS can seize your bank accounts, wages and other assets. Beyond that, the IRS also has the power to garnish your wages. They will get the money that is owed to them one way or another.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
Filing your taxes correctly and on time can save you from facing penalties and serious consequences with the IRS. If you are struggling to get your taxes prepared and in on time, you can turn to the professionals at Mark Dicus & Company to help you get them ready and in on time. We will make sure there aren’t any errors in your return and that you are taking advantage of all the credits that are available to you. Call us today!