Understanding Different Tax Forms
Doing your taxes yourself can be complicated, time consuming and there is a fairly high risk for error. Generally, people polled say that they do not know how to do their own taxes, with only approximately ⅓ of people completing and submitting their own taxes each year. One of the biggest reasons…people say that the federal income tax system is too complicated.
Complex Tax Forms Make For Easy Errors
Complex tax forms are one reason people have trouble completing their own taxes each year. Reading through the instructions alone can be the most tedious part. The instructions for the IRS “short form” 1040A are now about 85 pages long. That would take the average taxpayer hours to read and absorb and would still be likely that there could be confusion. An additional issue is, of course, new forms and new laws. Each year, Congress can pass new tax laws so it is critically important if you are doing your own taxes, to keep current.
Common Tax Errors
The most common area for errors on tax forms across the board are often very basic. Incorrect social security numbers, failing to disclose all income, arithmetic errors, forgetting to sign and date your return are the most common user errors. These errors will cause you headaches and time but no significant penalties. However, the most common error that can be problematic for you is claiming the wrong amount of credit and deductions. Many Americans claim credits that they are not technically eligible for. Taking too many illegal deductions and credits can actually be interpreted as tax evasion and leaves you at a very high risk for audit.
Interpreting and completing all of the necessary tax forms can be overwhelming and a lot of unnecessary pressure for the average person just trying to complete their taxes each year. It is often wise to consider hiring a professional tax firm, even for what seems like very routine tax preparation. In addition to saving you time and energy, you can rest easy knowing that all of your tax forms have been completed correctly, that your tax return is accurate, and that you are at a low risk for an IRS audit.
Hire a Professional Tax Relief Agency to Avoid Errors
Success Tax Relief is a full service tax relief firm that helps customers all over the country will all types of tax problems, including routing tax preparation. Our expert tax professionals are familiar with all new tax laws as well as all types of tax forms. Our company’s focus is on the customer’s experience and we work to make this process easy and stress free. One of our many strengths is dealing directly with the IRS on behalf of our customers and working out solutions for tax problems that are in the best interest of our valued customers.
So, right now is a great time to partner with Success Tax Relief – we can get up to speed on your tax situation and be ready to help you file next year. Give us a call today at-1-877-958-6638. We look forward to hearing from you today!