Tax problems

How to Do Your Own Bookkeeping

When it comes to starting your own business the bookkeeping part is usually look at as the ‘less fun’ part. But least you forget that the books are the core of the business. Without bookkeeping, there would be no business. While you might immediately want to hire a professional bookkeeper, if you are just starting out in your business, that would be not a good idea. According to an article, all bookkeeping is is keeping records of all of your invoices and receipts and of course, taking care of your taxes. Once you get your head wrapped around the while concept of bookkeeping, it is not really that bad. According to an article, you too can become an expert bookkeeper with a few simple steps. Some of the steps you should take include: keeping track of your records from day one, using some type of accounting software, taking accounting and bookkeeping classes, budgeting for your own taxes, and keeping all your receipts related.

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Tax problems

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Overview of common tax problems

Overview of common tax problems

The adoption of the modern technology on e-filing, has brought in simplification and reduction of errors. It has led to efficiency and effectiveness in service delivery and revenue collection. This, and many more reasons, are core as to why we should be prone to change each time we are introduced to a better version that seems to simplify work and save on unnecessary government expenditure. Despite the ease of e-filing today, there are still common problems that result from filing tax returnsincorrectly and they include:

Miscalculations

Bad mathematics is a common error, due to mistakes committed in arithmetic or when transferring figures from one form to the other. Tax software helps reduce any errors, as the inbuilt calculators do all the math for you, but you still need to certify their accuracy.

         Spelling mistakes

Despite number being the major content in the IRS system, names are equally important. The name of a taxpayer may fail to match with that on the social security administration. When such an error occurs, it causes delays in the process of tax returns. This normally occurs in the event of a marriage when the wife changes her surname.

Overview of common tax problems

Missing the deadline

It is in the nature of human beings to always have a last minute rush. This leads to many missing the midnight deadline marks. Missing deadlines calls for action of the law as you become non-compliant and you are subject to a penalty. Therefore, always make it your goal to pay your dues early to avoid being beaten by deadlines causing you to be penalized.

Direct deposit dangers

At times it occurs that taxpayers directly have a refund deposited in their many bank accounts.This is an error due to more numbers entered into the tax form which could be confusing and incorrect, and possibly resulting inlosingany refund.

Filling status

Choose the correct filling status for your current situation, to help you differentiate with the rest when status changes for example when you are single and when you transit to marriage. Put a clear distinction of the two.

Required signature

When dates and signature misses on the tax return forms, the IRS will fail to process your returns. If you are doing the returns online, you need to sign using your personal identification number.

Social security numbers

Many people do mess on the social security numbers as they confuse the names with the numbers. There should be a clear distinction on the taxpayer’s number, taxpayer’s spouse, dependents of which all this information must be clearly indicated as they appear on the social security cards.

Failure to file for and failure to pay penalties

One is subject to a penalty when he or she fails to file on time and fails to pay on time.for further details, visit: http://bsaefiling.fincen.treas.gov/main.html

Why undergo all this trouble of math errors, signature failures, spelling mistakes and many more? You can hire a tax professional who will perfect on this to minimize error, rather do it yourself, carefully and you will achieve the best of results in error reduction.

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