There are many different things that you need to do in the United States in order to comply with the tax laws and avoid facing penalties imposed by the Internal Revenue Service (IRS).  Failure to fulfill any of your obligations could end up costing you a lot of money as you end up paying back taxes with interest and, in some cases, you also end up paying penalties and fees. A professional tax preparation service can help you to understand the things that will trigger a penalty and can help you to ensure that you don’t get hit with unexpected expenses. For example, some of the different things that could end up resulting in you getting hit with a penalty include:

  • Not purchasing insurance as required by the Patient Protection and Affordable Care Act (PPACA)
  • Underestimating your income and qualifying for subsidies under the PPACA that are too large
  • Failing to file and pay your taxes by the deadline
  • Failing to submit quarterly estimated taxes for self-employment income
These are just a few of many examples where you can learn of your obligations from a professional tax preparer so you don’t end up with surprise fees and costs.