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Ajay Kumar, CPA


Individual and Business Tax Returns

If you have  income  which has not been taxed  or are liable  for higher  rate  tax or  have been sent a self-assessment tax  return  by  IRS, we  can help.  Even  though you  have  no  income to declare, you have a legal  obligation to complete  and submit a tax return as well  as  paying  any tax  liability  due  by  certain  deadlines. Failure to do so  could  result  in  penalties,  interest  and surcharges becoming payable in addition to the tax liability. The deadline for submitting a paper tax return is April 15, following the end of the tax year.

Although, where the tax payable exceeds $1000 you may also be  required  to  make  provisional payments   on   account   for   the   following   tax  year  of  the  same  amount,  divided  into  two installments payable by 31st January of that tax year and the following 31st July. Any balancing payment due, once the tax return has been completed and the final tax liability calculated, after taking  into  consideration  the   payments  on account, becomes  payable  by  the following 31st January.

Late  payment of  the tax   liabilities  will   result   in  interest  charges  running  on  a  daily  basis currently at a rate of  2.5%. A 5% surcharge  can  also apply where the  tax remains unpaid after 28th February and again after 31st July.

However,  the  $100  penalties,  interest and  surcharges  can be  avoided, even  where  the  tax return is submitted late, provided a sufficient amount of tax has been paid by the 31st  January (and the previous 31st  July and 31st January  where payments on account were due)  to cover the final liability. The penalties  cannot  exceed the tax outstanding, up to a maximum  of $100.
If  the completion of your  tax  return  is a  daunting prospect,  with deadlines  looming  and not wanting  to  pay  any  more   tax  than  is   absolutely  necessary,  why  not  use  our  tax   return preparation service. I will  provide  you  with a   checklist to  assist  you in collating the  relevant information   and    supporting   documentation  required  to  complete  the  tax  return,   letting accounts, capital gains tax computations  etc, a nd calculate your tax liabilities, as appropriate, advising you when payments should be made.

Ajay Kumar, CPA

 5 Villa Farms Cir;
Monroe Township,
New Jersey 08831, U.S.A.

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Cell: 908-380-6876
Fax: 908-368-8638