Gainesville, FL (PRWEB) April 04, 2013
During this busy time of the year, Ronald M. Shultz CPA wants to make sure small business owners are fully prepared to file their tax returns on time and accurately. Tax returns are naturally complicated, and it’s easy to make a mistake. However, inaccuracies on a tax return may lead to an audit or additional tax penalties.
There are many consequences if a tax return is not filed on time. If you file late, the Internal Revenue Service may impose a penalty of up to 5 percent of the balance due for each month that the return is late, up to a maximum of 25 percent of the outstanding balance.
Another example, if you miscalculate your income and pay less tax than you owe, you may owe a penalty on the amount you failed to pay. Likewise, if you claim a deduction for which you don't actually qualify, the IRS may require you to amend your return and remove it, which results in more tax owed. It is important to issue a 1099 to both the non-employee and to the IRS for any payments in excess of $600.
The IRS requires businesses to present valid documentation when claiming certain deductions. Businesses cannot deduct personal expenses from business income. Unfortunately, many small business owners use their personal bank accounts for business purposes, which can make it difficult to determine which payments were deductible. When business owners get confused, they may deduct expenses that weren't incurred for business purposes.
Ronald M. Shultz is available to assist with client’s additional tax questions and personal inquiries. He can be contacted at 352-338-8350 at his main office location in Gainesville, FL.
About the company:
To meet the needs of their clients, Ronald M. Shultz, CPA, PA was established as a Florida CPA firm to provide accounting, tax, and business advisory services to corporations, small businesses and individuals throughout North Central Florida. They provide quality service for their clients by staying abreast of accounting, corporate tax, and tax law changes by taking a proactive interest in the smooth financial management of their clients' business. At Ronald M. Shultz, CPA, PA, they make it their goal to understand the individual needs of every client including addressing industry specific challenges, compliance needs and standard tax practices. For more information about the firm, please visit: http://www.northfloridacpa.com.