A Small Tax Mistake Can be Costly - Palma Financial

Have you ever misreported income?

You may say of course not….It is simple to track all your income throughout the year, but this could be your fatal flaw. Especially if you have more than one employer, gig, and financial account.

Freelancers may have …

  • Dozens of 1099-MISC or 1099-NEC (Non-Employee Compensation) files to add up when reporting their income.
  • Interest payments or brokerage accounts may have completely slipped their minds
  • Recall earning that gambling prize back in February?

The IRS keeps track of your income, the businesses you work for, and some reportable transactions during the year.

What you don’t want is to find out after you file that you made an error, underreported your income, or— even worse, the error resulted in the most dreaded outcome—triggered an IRS audit.

To avoid the dreaded outcome, we often ask the IRS to provide us with a record of accounts for our clients.

Let’s Talk! ->Schedule Your Free Tax Assessment Here<-