Importance of Filing Income Tax Return on Time

 An income tax return is a statement that provides all the required information about the income or losses of an organization and individual. It is recommended to file tax returns even if your income falls below the taxable slab. It will help you in having a proper record of your income and other important details. In the future when income increases to the slab you might be able to claim some benefits if you have been filing tax returns in the past. Let’s further check out some key benefits of filing income tax returns on time in detail

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• Saves you from penalties: If you don’t file income tax returns on time then you will be charged a certain percentage of interest per month on the total taxes due. If you don’t file an income tax return by the end of the year then you might even have to face prosecution by the authority. You can always look out for tax services Columbia MD to get the job done easily.

• Carry forward of losses: If you are a businessman and suffered losses on your business in previous years and have been filing tax returns regularly then you can carry forward these losses to next year. This means when you are filing a tax return, you can settle the previous year’s loss with current income.

• Refunds: If you file your tax return on time then you will be able to get refunds and rebates on tax if you are eligible. Filling your income tax return late will lead to the revocation of all these benefits which you might be eligible for.

If you want to file your taxes and get all these benefits then Kauffman|Kim, LLP is here to help you. It is a renowned virtual CPA and accounting firm that provides tax preparation services Columbia MD. It has certified public accountants and advisors who help you in filing your tax returns on time and save you from any unjustified charges. Over the years they have filed tax returns of some of the well-known organizations. They provide world-class service and deliver every return in quick time by charging a very reasonable amount. You can get an appointment online and then you can contact them either in person or over the phone.

About Kauffman|Kim, LLP:

Kauffman| Kim, LLP is a well-known virtual CPA and accounting firm that provides tax preparation in Columbia MD.

For more information, visit https://kauffmankimcpa.com/



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