There are many ways to commit an unintentional tax fraud if you do not calmly study these write up carefully.
It should be noted that individual slip up can be cause through negligence and not actually an intentional act and this is one of the major reasons why it is very necessary to always do every kind of check ups and make sure it is all appropriate before filing your taxes in other to avoid tax fraud punishment.
Settle down well to study various ways in which you can avoid unintentional fraud and go through some of the points under listed below.
1. FILING A REPORT WITH MISSING OR INCORRECT INFORMATION
It is always very important and critical to always file accurate report without making any form of mistakes. Therefore you should always try and cross check your report very critically before filling it.
If you have request for an educational tax credit which can reduce the amount of tax you will pay. When filling a tax you should not forget to include it.
Professional tax prepares which is a software with inbuilt in filling is advice for that purpose, it makes you not to submit your forms until every information have been filled. Because this costly mistakes can cause delays in processing tax returns, impression make the IRS to have more interest in your form and try to bring out several faults and hold your for tax fraud and other related tax offences.
2. NOT REPORTING ALL YOUR INCOME
What ever kind of income you makes, always try to input it. A times when you receive any little income make sure u also file it in your tax, even some are always very negligible that you can easily forget, always try to remember. There may always be a possibility that you made some extra cash and you don’t report, but when they know, you will face a lot of penalties
3. OVERVALUING NON CASH DONATIONS
A deduction on charitable items should be minimal. Non cash charitable donations is one area where tax payers are always a bit truthful.
It is always very important to be very honest with your estimate. When you are valuation your donations, it advised that you always try to ask your self, what a reasonable person for for all the items and you should consider taking such as reduction.
This kind of deduction is done on the amount of items bought and donated. So, even on your donations you should try and file and make appropriate tax payment of what is expected of you.
4. FUDGING YOUR OTHER DEDUCTIONS
Apart from all this charitable deductions there are still other tax deduction that tax payers can claim, this kind of deduction are on items such as medical expenses, work related education expenses and other miscellaneous expenses, and this expenses are always inflated in other to get more reduction in tax payment. this mistakes on inflation may not be possible with the recent job act and tax cut because fewer people will be able to itemize deductions now.
5. FAILING TO FILE TAX RETURNS
Some people do not only fudge numbers, they usually refuse to file there tax at all and this act of not filing your tax is a very serious criminal offense. It is not gonna be on your best interest not to file your tax, so, make sure tax day doesn’t pass you by without making proper filing your return accurately.
HOW CAN TAX FILERS AVOID TAX NEGLIGENCE
We have made serious discussion to make you understand that mistakes in your return filings can land you into serious problem whether intentional or unintentional mistakes, so, always ensure you make accurate filing as much as you can.
You should always make sure you keep accurate records as much as you can and also make sure you work with a qualified tax professionals who will give you the right advice and does professional and excellent work on your accurate tax filing.