Why File Your Taxes Correctly the First Time?
By financen | July 30, 2014 - 6:20 pm - Posted in Personal Finance, Tax

For some people, trying to do their taxes is just too complicated. Whether they own a business, have investment income or have a combination of both, trying to file the correct paperwork and getting everything right on a tax return may not be possible without the help of a professional.

Having a professional prepare a tax return may be beneficial because a professional has years of experience in dealing with tax laws and filing complicated returns. Instead of making mistakes that could cause an audit, your return will be filed without errors. Even if the government audits you, you can rest assured that the odds of the government finding that you owe additional money are not high.

Using tax preparation services such as the ones found at Quon & Associates can help you make sense of your tax situation and find ways to possibly lower your tax burden. If you are in Canada and owe United States tax, having a US tax Calgary professional in your corner makes it easier to determine how much you owe and when you need to pay that money by.

The government is going to get every dollar that it is owed. Therefore, it is in your best interest to file your return properly the first time. This may eliminate the odds of getting an audit and having to spend untold hours and a lot of money proving that you filed an accurate return.

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Get Out Of Jail
By financen | July 28, 2014 - 6:18 pm - Posted in Personal Finance

If you ever find yourself in jail, then a bail bond company might be of some assistance. You can contact the company while you are in jail, or you can get a family member or friend to contact the company. If you don’t have the money, then someone can pay for the bail amount for you. Land can be used as collateral if you don’t have enough to pay the bail or if it’s a higher amount. Companies charge various amounts ranging from 1% to 20% of the bond amount.

A bail bond company will receive the money for the bail and complete the paperwork for your release. Some companies will follow you through the court system to ensure that you go to court on the day ordered. There are also classes that some companies will offer so that you can get the help you need to get your life back on track. If you don’t go to court, then the bail bond company could revoke your bail and take you back to jail. You will then be responsible for the entire bond amount. Get Denver bail bonds here whether you are in jail on a misdemeanor or a felony charge. However, some felonies are not eligible for release on bail.

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IRS tax penalties
By financen | July 15, 2014 - 4:58 pm - Posted in IRS, Tax

Great_Seal_of_the_United_States_(obverse)When an individual is not paying taxes in accordance with the IRS tax laws, they use a program called penalty program. IRS tax penalties are placed on your account since you have not complied as per the rules of the IRS tax laws. The penalties are imposed so that you do not miss paying your taxes on time, according to proper filing procedures, and payment arrangements made. You can avoid paying penalties if you are filing your taxes properly.

  • Tax penalties review

If you miss paying taxes, you will be charged penalty on your tax account for some of the following reasons.

  1. You pay a penalty when you do not file your tax return within the due date. This will include the extension period given to you for filing taxes. It is necessary that you comply with the IRS otherwise they will charge you failure-to-file penalty. It cannot be more than 25% of the amount of taxes that you owe.
  2. You are required to pay a penalty when you have missed paying the penalty on your tax return in the past. This penalty is usually within 25% of your unpaid tax. However, if you can provide a good reason regarding why you were not able to pay the tax on time, chances are that you do not have to pay this penalty.IRS tax penalties
  3. The frivolous return is when you have to pay a penalty because your tax return does not show enough information to figure the correct tax or a tax return. This penalty is usually in addition to any other penalty that might be assessed to your account.
  4. If someone is neglecting paying the tax return, they will have to pay such penalties.
  5. The IRS tax agent should receive correct information from you about your identity and other information related to your taxes. If you fail to do you, you will have to pay a penalty for it.

If you have missed filing your taxes without any proper reasons, you will have to pay a small penalty. The penalties may vary depending upon the charge and in some cases will result in imprisonment. Therefore its very important to file your taxes on time.

Find other quality articles:

http://www.irs.gov/uac/Newsroom/Eight-Facts-on-Late-Filing-and-Late-Payment-Penalties

http://en.wikipedia.org/wiki/IRS_penalties

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