IBA SUCCESS MAGAZINE Volume 6 Campaign 1 | Page 20

TAX SEASON
IS JUST AROUND THE CORNER!
DON’T PAY BACK MORE
THAN YOU HAVE TO
OR LEAVE MONEY
ON THE TABLE…
The Internal Revenue Service (IRS) has announced that tax season
will open on December 31, 2019, and the filing deadline to
submit 2019 tax returns is April 15, 2020.
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Call or Text Us: 407-486-0993 Google “Self-Employed Tax Tips.” Educa-
IRS.gov is the source for the best and most
accurate information. As a business owner,
you should review the IRS website period-
ically for any changes or updates that may
affect you or your business.
TIP #2
A popular tax tip to consider is checking the
tax deductions that are available to taxpay-
ers. It is estimated that many taxpayers lose
millions of dollars yearly from tax deduc-
tions that they were entitled to but failed to
claim. A professional tax preparer invests in
the knowledge, software and updates that
guarantee individuals all of the tax deduc-
tions they qualify for. When an individual
takes on the role of preparing their own
taxes, he/she is most likely missing tax de-
ductions that may increase his/her refund
check. To prevent losing money, it is wise
to either invest in the proper knowledge or
hire a tax professional.
TIP #3
tion is key for tax success. Don’t just rely on
your preparer. By being proactive with your
tax matters, you can verify that your tax pro-
fessional has all of the information needed
to get your maximum return. This is also a
great way to determine if you have the best
service provider. If you search for informa-
tion reveals new updates, laws or rules that
your preparer is not aware of, you might just
want to interview other tax professionals.
TIP #4
Our final tip is to file on time or file an ex-
tension prior to the deadline date. If you be-
lieve that you owe taxes but can’t pay them
immediately, don’t delay your filing. There
are payment plan options to assist with the
debt owed. One of the biggest errors that
taxpayers make once they realize funds are
not available to pay taxes is to not file a tax
return. Keep in mind that the IRS will impose
a number of late fees and penalties on tax
payments that are not received in time. Ig-
noring the IRS is never a good idea and may
increase the amount of penalties and fines
for the year.
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Taxpayers can check out Where's My Refund? On IRS.gov or the IRS2Go phone app for projected deposit dates after filing.