Top tax attorney Senen Garcia, managing partner at SG Law Group in Miami, Florida outlines big mistakes people make when it comes to doing their taxes. For more information please visit http://www.sgarcialaw.com
Miami, Florida, United States - November 29, 2020 /MM-REB/ —
In a recent interview, top tax attorney Senen Garcia, managing partner at SG Law Group in Miami, Florida revealed big mistakes people make when it comes to doing their taxes.
For more information please visit http://www.sgarcialaw.com
When asked to comment, Garcia said, “Widespread misconceptions about how and when to pay taxes often lead taxpayers to make errors that could be costly. Here are the most common pitfalls that are easily avoidable."
Many people are under the false assumption that filing taxes is voluntary.
"This is absolutely false. Under Title 26 of the US Code, everyone with a taxable income must file their tax returns. This misconception comes from the notion that those who make a low income don't need to file, which is true. However, the vast majority of working Americans don't fall into that category."
Garcia added that not filing could result in severe IRS penalties, which is often more expensive than doing taxes in the first place.
Avoiding e-filing services is another common mistake made by taxpayers.
When asked to elaborate, Garcia said, "While many people are wary of doing something as important as completing their tax returns electronically, it's the future of filing taxes in the US. Filing online is much more efficient for everyone, and taxpayers don't have to send checks through the mail to pay any taxes owed."
Garcia was quick to add that there are several additional benefits to using an e-filing service, such as fewer errors, faster refunds, and directly withdrawing money from an account when money is owed.
Many of Garcia's clients incorrectly assume that filing for an extension means delaying payments to the IRS, Garcia said.
When asked to explain, Garcia said, "Even if you've already filed for an extension, you are still required to pay most of the money owed to the government by the cutoff date. Failing to do so will incur a monthly fine of 0.5% of the amount due. The
IRS doesn't need to know the reasons behind the extension as long as you pay 90% of the initial amount."
Many married couples tend to be under the impression that they must file a joint tax return.
“Filing jointly often brings about certain advantages depending on your situation, however there’s no law in place that says you must. It’s beneficial to file together under two conditions: if there’s a large difference in income between both spouses or
if both incomes together are less than $150,000,” he explained.
Garcia explained that there are several situations in which it’s better to file separately, such as when one spouse has a big
itemized deduction to claim like medical expenses.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Senen Garcia
Email: Send Email
Organization: SG Law Group
Address: 2665 S Bayshore Dr #220, Miami, FL 33133
Phone: 305-606-6139
Website: http://www.sgarcialaw.com
Source: MM-REB
Release ID: 88986236
