Tax season is something that many people dread.
Tax Season Prep Tips
Take the time to prepare ahead of the time, then it will be a lot easier for you to conquer the tax season.
Know how the Laws Will Affect You
There are some laws that will be enacted at the end of 2018 that will affect the 2019 tax season.
It is a good idea to familiarize yourself with the changes before the next tax season.
Be Honest
You may be tempted to maximize your tax breaks by being dishonest on your tax forms. However, this is a risk that is not worth taking.
There is a possibility that you will get audited. If you are audited, then you may have to pay fees on top of what you already owe.
Get Organized
You do not want to wait until the last minute to start doing your taxes.
You should put together all of the receipts, proof of charitable donations, real estate documentation and all of the other documents that you need as soon as you get your W-2 form.
Maximize Your Deductions
A deduction will reduce the amount of income that can be taxed.
Work-related travel expenses, moving charges, debt interest, charitable donations, home office expenses and job hunting expenses are examples of tax deductions that you may be eligible for.
Take Advantage of Credits
Tax credits will reduce the amount of taxes that you owe. If no one claims you as a dependent, then you also qualify for a personal exemption.
Premium Tax Credits, Earned Income Tax Credit, Child and Dependent Care Credit and Saver’s Tax Credit are examples of some of the tax credits that you may be able to get.
If your tax credits exceed the amount that you owe, then you will receive a check.
Check it Twice
Before you submit your tax forms, you will need to check to make sure that everything is accurate.
Make sure that every deduction, expense and credit is reported correctly.
What to do if You Have IRS Tax Debt
Finding out that you owe IRS tax debt can be quite frustrating. However, there are ways that you can handle it.
The best thing for you to do is reach out to the IRS. You may be able to set up an installment agreement with the IRS if you owe less than $25,000 and prove that you are unable to pay the full amount. You must also prove that you can pay your tax bill in three years or less.
You may also be able to get an Offer in Compromise. An Offer in Compromise allows you to settle for less than what you owe.
You should reach out to a tax attorney. mytaxlawyer.org attorney can help you find the best solution for resolving your tax problems.
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