Common Reasons on Late Filing of Tax Returns You Can Avoid If You Have Manila Accountant
Updated: Nov 27, 2018
Tax season is dreaded by many for a lot of reasons but the common denominator is that it simply is a lot of work. And as a business owner in Manila whose main focus is to keep the business up and running (and also surfing), filing your annual taxes can be very time consuming without Manila Accountant.
This continuous build up of tasks may lead to late submission and errors thus baring penalties. And none of us wants to be penalized mainly because it involves fines. We all know this can be avoided with the right help. If you have Manila Accountant, these are just several common reasons for lateness that you can avoid.
Laziness and Forgetfulness
Admit it, this has to be the most common reason of all reasons for late filing of taxes. If you were on your own, you wouldn’t care about the timeline that much simply because ITR reminders aren’t as adamant as your bills. Your Manila Accountant’s job is to remind you weeks or even months before the deadline just so you know it’s that time of the year again. But you don’t need to worry as someone will do the nitty gritty work and you’d just have to oversee. All you do is wave your ITR and say voila! I made it on time.
Ignorance and Confusion
Income tax returns are meant to be done by a professional Manila Accountant. If you do don’t have any background on this area, then it may lead to confusion. Not knowing where to start or what to do gives way to more time consumed in filing your financial statements.
Attached supporting data is highly crucial when submitting your annual income tax. If a statement is not supported it will not be considered. This means your refund rate will be lower and that’s already considered a waste of money. Avoid such waste and errors by making sure that everything is properly documented and kept.