How To Prevent Accidentally Committing Tax Fraud

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How To Prevent Accidentally Committing Tax Fraud
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• Most law-abiding business people would be
  horrified at the thought of committing tax fraud,
  but if you dont pay close attention during tax
  season or hire a professional accountancy firm
  to handle your taxes for you thats exactly
  what you could end up doing.
• Below are 6 of the most common ways to commit
  accidental tax fraud
• 6 ways to commit accidental tax fraud
• Even unintentional errors at tax time, such as
  the following examples, could see you face
  unwanted scrutiny from the IRS

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• 1. Errors and omissions when filing
• Forgetting to include the right forms or
  important information such as your Social
  Security number, or making errors with the data
  you provide, could easily flag you up as
  warranting further investigation with the IRS.
• 2. Claiming earned income tax credits,youre not
  eligible for
• Designed to offset the burden of Social Security
  taxes for those on a low to moderate income, the
  earned income tax credit is only available to
  those who meet the eligibility criteria, and can
  see them credited up to 6,660 on their returns.

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• To know more about whether you qualify for this
  particular tax credit, seek advice from a tax
  professional.
• 3. Taking advantage of tax shelters
• While some tax shelters may seem tempting when
  presented to you in the right way, and by those
  claiming to be professional accountants and tax
  experts, they may in fact be scams that could end
  up costing you a small fortune in penalties, back
  taxes and interest.

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• 4. Claiming unnecessary deductions
• If youre a small business owner or are
  self-employed, you can still deduct necessary
  business expenses, provided theyre really
  necessary. While it is possible to make genuine
  mistakes when claiming such expenses, do so
  knowingly and you could land yourself in hot
  water with the IRS, who are always vigilant about
  such things.
• 5. Inflating deductions
• No matter how low the chances may be of your
  business getting audited, never use that as an
  excuse to claim deductions that you have no right
  to claim inflated deductions are against the law
  and if you do get caught, the penalties can be
  stiff.

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• 6. Not reporting all income
• As with several other tax reporting requirements,
  it can be easy to forget to claim some of your
  income, especially if youre not that organized
  at tracking it, but its really important that
  you try your best not to do so. Tax fraud and
  evasion are serious matters, and if youre caught
  participating in it whether unwittingly or
  intentionally the IRS will not look kindly upon
  it, and penalize you accordingly.

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• Tax fraud is no joke, and if you get caught
  committing it, you certainly wont be laughing.
  To get your taxes in order throughout the year,
  but especially at tax time, hire a professional
  accountancy firm who can help you out remotely
  (preventing the need to spend time and money
  hiring someone in-house) and keep you on the
  right side of the IRS, at all times.

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• At Heyer Inc, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services in Fort
  Lauderdale. If you are looking for individual
  accountant in Fort Lauderdale, Heyer Inc would be
  a right option.