Tax Accounting and Audit
At Save My Taxs, we understand that filing taxes can be a daunting task. With years of experience in tax accounting, my mission is to simplify the process for you. I pride myself on providing personalized service, ensuring that each client's unique financial situations are handled with care and expertise. Whether you're an individual or a business owner, I'm here to help you navigate through the complexities of tax laws and maximize your refunds. Don't let tax season stress you out; reach out today and let me save your tax worries.
Tax Accounting and Audit
Tax accounting
Helps individuals and businesses plan, file, and minimize their taxes. Tax accountants review financial documents to ensure accuracy and compliance with tax laws. They also help clients maximize their tax breaks and returns.
Audit
Verifies the accuracy and compliance of financial statements prepared by accountants. Auditors work with organizations after they've made tax decisions, looking for errors or problems. They communicate their findings to the client
Fraud Penalty
If underpayment is due to fraud, the penalty can be as high as 75% of the underpaid tax.
Interest On unpaid Taxes
The IRS charges interest on any unpaid taxes from the due date of the return until the date of payment.
Underpayment of estimated tax Penalty
Tax Penalty
This penalty is calculated Similarly to interest on paid unpaid tax
Penalties and Interest
Welcome to Save My Taxs, where we specialize in helping you navigate the complex world of penalty and interest control. Our dedicated team is here to ensure that you minimize costs and maximize compliance. Say goodbye to tax worries and hello to peace of mind with our expert solutions.
Failure-to-File Penalty
If you don't file your tax return by the deadline, the IRS imposes a penalty, usually 5% of the unpaid taxes
Failure to pay penalty
Failure-to-Pay Penalty
A penalty of 0.5% of the unpaid taxés is charged for each month the tax remains unpaid, up to 25%
Accuracy-Related Penalty
This penalty is 20% of the underpaid tax due to negligence, substantial understatement of income
Types of Tax audits
Understanding the different types of tax audits can help you prepare more effectively. Correspondence audits are usually less intrusive, handled via mail and focused on minor discrepancies.
✔Correspondence Audit: Conducted through mail for minor issues, requiring additional documentation to be sent.
Office Audit: Takes place at the IRS or tax authority office, focusing on specific aspects of your tax return.
Field Audit: A thorough examination at your place of business or home, involving detailed scrutiny of financial records.
Types of tax audits
Prepration
Gather and review all relevant tax documents and records
Understanding Tax Law
Know the applicable tax regulations and compliance requirements
Identify risk
Spot Potential compliance issue and review past audit findings
Documentation
Keep organized and accessible records of all transactions and tax filing
Under take the process
Cooperate with auditor, provide requested information ,and answer the questions
Resolution
Review audit Finding ,Make necessary corrections, and implement changes to avoid future issues