Getting all The Documentation to Your Tax Preparer
Getting all The Documentation to Your Tax Preparer
Getting all The Documentation to Your Tax Preparer
One of the biggest mistakes individuals make at tax time is to be disorganized. As tax documentation begins to accumulate, it becomes a habit of many to tuck these important pieces of information away in a drawer and forget about them.
Many tax payers rush off to their Kissimmee tax planning expert in a panic as the tax deadline is drawing near. Then they soon discover that they are missing necessary documents that the individual preparing the taxes needs. A tax preparer cannot prepare a tax return with missing information. You will find that they will put your return on hold until you can provide them with what is missing.
There are occasions where you simply did not get all of the required documentation or you have lost it. You then need to explain this to the tax preparer. His option is to prepare the tax preparer as completely as you can with what he has got.
Then a letter of explanation will need to be attached to the return, explaining the reasons for the missing documents and what steps you are taking to rectify the issue.
It is better to take this course of action then not file at all. Otherwise you run the risk of paying a late penalty fine. If you have not received your necessary documents from your employer for example, then this can be explained in your letter.
The tax preparer should be able to explain the laws concerning this, and may be able to give you specific instructions on what to do about your tax preparation. Employers are compelled by law to give the necessary deduction slips to their employee's by a specific time in order for them to be able to prepare their taxes.
Unfortunately this is a lesson learned that you must be very astute at picking a reputable tax preparer to complete your tax planning. Many times a reputable tax firm will stand behind their work. If it was a blatant error on their part they may pay for the mistake by paying what is owed. They are under no obligation to do this however, unless they advertise this openly that it is their policy, or you have something in writing from them to support this.
It is worth taking the extra time to shop around for a tax preparer that is trustworthy and credible.
A Fair Share of Tax – A rant in four parts; Lies, Lies and Damn Statistics What is Needed for Tax Preparation Paying Someone Else's Taxes Can Benefit You What Is A Tax Invoice? Differences Between Various Federal Income Tax Forms It Is the Season for Tax Breaks! Gibraltar as an offshore company tax haven Common Reasons For Tax Rebates Knowing When To Claim A Tax Rebate How To Apply For A Tax Rebate if you are employed How Not To Use Your Tax Rebate The Challenges In Applying For A Tax Rebate Advantages Of Filing Your Tax Returns Early