There are a variety of reasons taxpayers might get hit with tax penalties, including late filing, late payment, and failure to pay estimated quarterly taxes. You can also get hit with a tax penalty if you fail to have adequate documentation for the claims you’re making on your tax return. For example, what’s known as a “frivolous return” occurs when you lack the information to correctly calculate the tax you owe, or when your tax return is substantially incorrect due to missing information. Avoid these issues by keeping effective documentation of financial matters throughout the year. Saving pay stubs, receipts, bank statements, and other financial records can ensure accuracy when April 15 rolls around. Learn more by contacting Taxation Solutions, Inc. today!
We’re Milwaukee’s choice for all sorts of tax help, including resolving tax penalties. If you’re concerned about incurring an IRS penalty on your account, whether you’ve gotten hit before and want to keep it from happening again or because your tax situation has changed somehow over the past year, we’re standing by to take your call. Taxation Solutions, Inc. is staffed with a tax attorney, CPAs, and enrolled agents, all of whom have what it takes to deal with IRS penalties on your behalf. We’ll do our utmost to get you through the tax year in one piece.