December 3, 2020
Simple mistakes could lead to serious tax issues
With the year coming to a close, many people in Texas and elsewhere are thinking about the coming tax season. Whether a person is just filing personal taxes or filing for a business he or she owns, it is not an easy process to handle, especially on one’s own. There are numerous changes that take place within tax law every year, and tax issues could easily arise.
Most people are loyal taxpayers, but it can seem impossible to stay in the know regarding changes to how to handle certain tax matters. Some people may think that they are doing their taxes correctly because the way they do it has worked in the past, but it is possible for a seemingly minor change in tax law to throw an entire return off balance, causing serious problems. It could even lead to an audit.
It is also common for math errors to lead to issues with tax returns. Though many software programs make calculations for the taxpayer, they are not always completely accurate and rely on information provided by the taxpayer. If any provided information is incorrect, the return as a whole may be off. Additionally, someone trying to complete a return by hand without professional help could make simple mathematical errors that cause significant problems.
In some cases, Texas taxpayers may not always immediately understand where tax issues are coming from. They may receive a notice for an audit — or another type of notice from the IRS — and begin to panic. However, if issues arise after filing a tax return, individuals and business owners do not have to feel backed into a corner. They could contact experienced tax law attorneys who could help them understand any problems and explain why the IRS may suspect an issue.