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Filing Your Own Tax Return is a Risk You Don’t Want to Take!

by | Jan 24, 2020 | Business News

There are over 74,000 pages in the Internal Revenue code governing taxes and with the recent changes to the tax code within the last couple of years, the tax code is only going to get bigger and more complex.
Changes to the tax laws means that completing individual and business tax returns are going to be even more challenging. California does not comply to most of the tax changes enacted by the federal government. This means that those preparing tax returns need to be up on all the updates and changes. Even though over the counter tax software is there to provide you with general guidelines, the individual entering the information may not know the updated tax laws. For example, do you know the new rules for solar credits and their related phaseouts? Do you know the heavy penalties for willfully misclassifying 1099 contractors vs. W2 employees? What deductions can you itemize and how? The IRS anticipates looking for those who take the risk in preparing their own individual and business tax returns in order to administer fines and penalties. By undertaking the risk of preparing your own tax return, you are willfully opening yourself up to potentially being penalized for any incorrect information you put on your tax return. Call us today for a tax consultation and let us show you how we can meet all of your tax and accounting needs.
For more information, please call Guirguis & Gibbs at 661-209-3287. We are located at 27819 Smyth Drive, FL 2 in Valencia.

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Mark Guirguis

Mark Guirguis