Tax season is a stressful time for most people. Figuring out what form to fill out and keeping financial records for yourself throughout the year can confuse even the most organized people. It gets even harder when your “tax guy” is only in business a few weeks throughout the year and you need help on their off week. For small business owners, you can’t afford to make mistakes on your taxes. For individuals, it can be the difference between a vacation or an audit. One wrong answer on a form can be the difference between your business going on to a long and successful future and a hefty fine (or worse) from the government. One type of tax that throws some for a loop is Income Tax. Don’t take any chances, and hire abc Payroll to handle your income tax for you.
While only some states have local income taxes, more states have to worry about state and federal income taxes. This is a tax from the government put directly on the money you make each year. Nobody is exempt from paying their taxes. Both individuals and businesses are required to file taxes and report their income annually. Filling out the correct forms and keeping accurate records of your finances throughout the year can be tricky for those who don’t know the ins and outs of taxation. It is always the best choice to contact a professional during tax season. Available 52 weeks a year, abc Payroll specializes in complex tax returns and can handle both individual and corporate tax returns.
The reason for income tax is to keep the government running. These taxes are used as revenue to pay public servants and work on infrastructure. The percentage for federal income taxes is higher because income taxes make up a higher percentage of their revenue. Because states have other forms of taxation, their income tax tends to be lower on individuals and businesses. It’s important to make sure filing your income tax is done correctly. Otherwise the IRS can charge penalties and open investigations to those whose finances don’t add up.
Taxes are no joke. The risks of handling your own taxes and making a mistake are too high not to hire a professional. Whether you’re an individual or a business, tax season shouldn’t stress you out. With friendly, professional services available, why not have them handle the paperwork? To make sure all your taxes are done correctly and ease your mind, contact abc Payroll at 978.251.3003 or click here.