Taxes In America

Overpaying at Tax Time? Here Are 5 Reasons Why!

By September 9, 2021September 13th, 2021No Comments

Millions of Americans are overpaying at tax time! Could you be one of them? If you’re questioning it, it’s likely that you are overpaying on your tax returns, and we’re on a mission to help stop the bleed. The OTB Tax team helps thousands of people save more of their hard-earned money legally, ethically, and morally. And these are the most prevalent reasons we see with client after client, year after year.

1. You don’t understand tax law, so you just keep blindly overpaying.

All laws are available to the public, but the average person doesn’t have the time to sift through all of that information. Good thing OTB Tax offers the More Relaxing and Less Taxing Membership, where you have access to our online video library and so much more! You can learn about all the perks and sign up here!

2. You haven’t found the right tax professional.

So many accountants feel overloaded and overwhelmed at tax time. It’s no wonder their main goal is getting your return prepared as quickly as possible. Their clients may end up with a quick turnaround, but they could also find themselves overpaying as a result.  Make sure that you talk to your tax professional during the “off-season” about the correct strategy for maximum results at tax time.

3. You aren’t taking advantage of the tax deductions available for business owners.

Did you know that according to Forbes, 90% of business owners are overpaying in taxes every year? Familiarize yourself with the 475 deductions and save more money this year!

4. You don’t have a home-based business. 

You can’t touch any of those 475 deductions if you only have a W2 job. So you’re definitely overpaying. Time to start turning your passion into an income source!

5. Your business isn’t set up correctly.

This is a technical reason for overpaying at tax time! You need to make sure your business is listed under the correct tax structure. Not sure what those are or how to figure out the best structure for your business? Book a Tax Strategy Session with a member of the team at OTB Tax here.

Here’s to a more relaxing and less taxing way to finally stop overpaying at tax time this year with the team at OTB Tax!