Leading New York Tax Attorney Goldburd McCone LLC Reveals Big Mistakes People Make About Their Taxes New York, NY

Top tax attorney Benjamin Goldburd, partner at Goldburd McCone LLC in New York, NY outlines costly errors people make when it comes to their taxes and how they are easily avoidable. For more information please visit www.goldburdmccone.com

New York, NY, United States – March 2, 2019 /MM-REB/ —

In a recent interview, top tax attorney Benjamin Goldburd, partner at Goldburd McCone LLC in New York, NY, revealed some big mistakes people make when it comes to doing their taxes.

For more information please visit https://www.goldburdmccone.com

When asked to comment, Goldburd said, Widespread misconceptions about how and when to pay taxes often lead taxpayers to make errors that could be costly. Here are the most common pitfalls that are easily avoidable.”

Many people are under the false assumption that filing taxes is voluntary.

“This is absolutely false. Under Title 26 of the US Code, everyone with a taxable income must file their tax returns. This misconception comes from the notion that those who make a low income don’t need to file, which is true. However, the vast majority of working Americans don’t fall into that category.”

Goldburd added that not filing could result in severe IRS penalties, which is often more expensive than doing taxes in the first place.

Avoiding e-filing services is another common mistake made by taxpayers.

When asked to elaborate, Goldburd said, “While many people are wary of doing something as important as completing their tax returns electronically, it’s the future of filing taxes in the US. Filing online is much more efficient for everyone, and taxpayers don’t have to send checks through the mail to pay any taxes owed.”

Goldburd was quick to add that there are several additional benefits to using an e-filing service, such as fewer errors, faster refunds, and directly withdrawing money from an account when money is owed.

Many of Goldburd McCone’s clients incorrectly assume that filing for an extension means delaying payments to the IRS, Goldburd said.

When asked to explain, Goldburd said, “Even if you’ve already filed for an extension, you are still required to pay most the money owed to the government by the cutoff date of April 17. Failing to do so will incur a monthly fine of 0.5% of the amount due. The IRS doesn’t need to know the reasons behind the extension as long as you pay 90% of the initial amount.”

Many married couples tend to be under the impression that they must file a joint tax return.

Filing jointly often brings about certain advantages depending on your situation, however there s no law in place that says you must. It s beneficial to file together under two conditions: if there s a large difference in income between both spouses or if both incomes together are less than $150,000, he explained.

Goldburd explained that there are several situations in which it s better to file separately, such as when one spouse has a big itemized deduction to claim like medical expenses.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Steven Goldburd
Organization: Goldburd McCone LLP
Address: 42 W 38th St #901, New York, NY 10018, USA
Phone: 212-302-9400
Website: https://www.goldburdmccone.com

Source: MM-REB

Release ID: 487818