Published on August 2nd, 2018 | by Day Trader
A Look At The Importance Of Properly Filing Your Taxes In The Country Of The United States
We all know the importance of taxes as a personal citizen of the United States of America, and many of us will even hire an accountant to work with us during tax season, a period of the year that can be complicated for many people currently living in the United States, no matter what their background might be. But what many of us don’t realize, even the small business owners among us, is that hiring an accountant can be hugely beneficial for your business or company as well, providing tax preparation services and general tax services as well. From tax credit to the process of an audit, the world of taxes can certainly be a complicated one, as well as one that can even be prohibitively difficult to understand. Fortunately, however, hiring an accountant can make this process all the easier, and a qualified accountant will also be able to wholly look out for your best interests as a customer of the service that they are so skillfully providing.
For instance, tax credit is likely to be something that many businesses all throughout the United States have some level of confusion surrounding, and this can be an area where hiring an accountant to perform accounting services can be essential. For instance, many don’t know that a research and development tax credit, also known a the RandD tax credit, can give you back as much as thirteen and a half cents for every dollar that can be classified as a qualified dollar. This is important for many areas of business in the United States, and an accountant can help you and your company to figure out and determine exactly what tax credits you just might be eligible for.
It is also important that your company is reporting their tax information as correctly and accurately as possible, as corporations in just the country of the United States alone have been found to make up more than ten percent (eleven percent, to be more exact) of all that are collected by the Federal government in the time span of just one single year (according to data that was collected in the year of 2015). This means that information that has been incorrectly reported, whether through an accident or misunderstanding or intentionally, can lead to an audit taking place. If misconduct is found, this can lead to a number of serious consequences that you should absolutely not take lightly in any way, shape, or form. For instance, a civil fraud penalty is likely to occur in the instance of tax underpayment, something that has happened to a number of corporations and companies in the past years of the history of the country of the United States and is all too likely something that will happen again. This will result in the need for the company to pay anywhere from five percent to a significant twenty five percent of the tax money that they owe each and every month until the money is paid up and they no longer are in debt when it comes to owed tax money. It is also possible to be audited from years even dating back a few tax seasons and it is possible that it will be found that you still owe the federal government money. This money will need to be paid as early as you possibly can in order to prevent additional fines and fees from accruing.
Knowing how to do your taxes, either for yourself or for your company or corporation, big or small, can be difficult, and it is certainly something and many people who are currently living and working in the United States struggle with. Fortunately, taking the path of hiring a well practiced and highly skilled account can help you significantly when tax season comes around, as it always inevitably does. An accountant can help to ensure that your taxes are filed properly, avoiding complications down the line.