Most individuals under self-employment owe periodical obligations to the Internal Revenue Service that are unavoidable and reoccurring throughout the year. Payments to the IRS and the government cover much of the infrastructure and benefits we enjoy on a daily basis. Without these recurring payments, you would have a hard time receiving benefits from social security and other programs after retirement. Filling out the correct forms four times a year in addition to an annual report can be easily forgettable. Forgetting paperwork is especially easy if you are just starting your first job as a contractor or beginning a new business. United States citizens must pay taxes, and those who are self-employed have additional processes to complete. Rather than stressing out and missing deadlines, booking and accounting services handle the work for you. Quarterly tax preparation for Tarpon Springs residents does not have to be an ordeal when you have BizBooks4U on your side.

What is Quarterly Tax Preparation For?

For Tarpon Springs residents who are considered self-employed or are in ownership or co-ownership of a business, proper management of delicate files is a necessity. An easy way to suffer setbacks and costly fees in the future is to not pay the IRS. Your local and federal governments both require taxes for things such as:

  • Governmental structures
  • Payment to contractors for services
  • Salary for legislatures, judges, and more
  • National defense
  • Healthcare
  • Schools

Quarterly tax preparation can help keep you financially stable, ensuring your local and federal government receive the funds they need. Both supply different but common necessities that we need in areas like Tarpon Springs and the State of Florida as a whole.

Federal Government

The majority of federal taxes are used to fund things such as:

  • Medicare
  • Medicaid
  • Social Security
  • Defense and Security (Federal Agents, Military, Intelligence Agencies, etc.)

In addition to programs protecting low-incomes citizens and national debt, transportation and infrastructure are significant parts of federal spending. Quarterly tax preparation can help you with the complex process if you are an independent contractor or business owner. There are also exemptions and other rules that may apply to you. By visiting BizBooks4U, you can receive help with your entire annual and quarterly tax preparation process.

Local Government

Equally vital functions are kept afloat through local government programs and regulation, which all require money. The Center on Budget and Policy Priorities found that 25% of state spending went towards primary school education in 2013. Additionally, 13% of expenditures in 2013 were for higher education support (community colleges, university structures, etc.). Beyond that, the rest is spent on:

  • Correctional Facilities
  • Transportation
  • Low-Income Support
  • Pensions
  • State Police
  • Economic Development
  • Park and Land Maintenance

The life we enjoy in Tarpon Springs is possible due to government funding. It is easy to get lost while dealing with self-employment and finances. However, falling behind on IRS payments can be an extreme setback. Not only will you have to pay the entirety of missed of your payments, but you may also receive underpayments fines as well as interest. BizBooks4U offers assistance to Tarpon Springs residents with bookkeeping and auditing services to help avoid IRS complications.

Fees and Interest

Without proper handling of your IRS payments five times a year, you could owe in underpayment fees. Underpayment fees or back taxes are highly undesirable since they will gain interest and cost you more over time. Not only will it cost more, the interest never ceases until you are caught up on payments. Quarterly tax preparation can help avoid the headache and fees that come with quarterly taxes. Tarpon Springs residents have enough on their plate without a 0.5% monthly interest.

Without proper care of your finances, you may end up in a position where your fees are more than your current balance. That is why BizBooks4U offers professional accounting and auditing services for Tarpon Springs residents who require quarterly tax preparation.

Failure to File On-Time

In addition to interest from late payments, there are also fines for not filing on time. Late filing payments can quickly become expensive and overbearing. Filing penalties also apply after the 0.5% monthly interest due to back taxes. Late penalties are 5% of what is owed every month. If you are over 60 days late, the minimum penalty is 100% of what you owe or $135, depending on which is smaller.

With quarterly tax preparation service from BizBooks4U, you can avoid late filing payments as well as other fees and interest. Contact BizBooks4U today at 727-939-1044 to have your books and paperwork properly managed in Tarpon Springs.