Cringeworthy “Tax Horror Stories” (Don’t Let This Happen To You)

When it comes to tax return filing, do-it-yourself methods sometimes lead to costly mistakes. As the tax deadline slowly approaches, this is a good time to consider some common mistakes and how to avoid them. Many freelancers and self-employed people will face a larger amount owed to IRS due to the deadline extension. Saving on the paid taxes is a good way to improve your cash flow. Systematic approach to this issue includes improving the tax payment strategy and amending prior year returns. In preparation for the deadline, it is critically important to correctly estimated tax owed for the two quarters of this year and then ensure you have access to the funds to pay the tax bill.

Key Takeaways:

  • The US tax extension to July 15th actually creates more risk for tax horror stories.
  • Many business owners and freelancers will see a much higher tax bill than they were expecting.
  • More than 93% of small business owners overpay on their taxes each year.

“As America’s financial advocate for small business owners, my team and I at Wealth Factory want to make sure that we know every legal and ethical way that people can navigate the tax code — so they can keep a lot more of what they make and stop tipping the government.”

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