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What to Do if You Face Tax Charges from the IRS

July 5, 2019 2 Comments

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Today’s topic is income tax and what one could do when you face a tax audit or a notice to pay more taxes. If you’re reading this article via Google search, then chances are you’re facing tax charges from the Internal Revenue Service. Or, you are skeptical while filing your tax return. Either way, you’re in the right place. So keep on reading.

In 2018, on a March morning, I was delivered an IRS letter. It was a fat envelope and I was sure this was related to my last year’s return. It was a notice to pay additional taxes. I missed out on reporting my income from two sources. The total bill was for $820, towards a dividend income from two of my brokerage accounts. The envelope contained a detailed tax calculation breakdown. We have around 15 different financial accounts making the paperwork lengthy and making the IRS envelop a fat one.

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Tips For Dealing With IRS Tax Audit

March 26, 2018 Leave a Comment

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Pretty much everyone in the United States will be required to file a federal income tax at some point or another. If you’re lucky, you’ll receive a refund. If you’re not, you’ll be required to pay in.

Tips for dealing with IRS tax audit

Of course, neither scenario is quite as scary as being audited by the Internal Revenue Service. In fact, a lot of Americans stay awake all night worrying about being audited. There are a lot of misconceptions and many people blow the situation out of proportion.

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Some Ridiculous Tax Write-offs That are Hard to believe

May 11, 2016 1 Comment

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This post is about some hard-to-believe facts around tax exemption. You have sufficient time in hand to prepare for next year’s tax return. Now is the time to start thinking about your current and potential expenses and their impact to your taxes. You can write-off many more than you could ever think.

Some Ridiculous Tax Write-offs

With all the talk of loopholes and special interest for the rich, it is rich to know that the average person has no idea what the pages of the tax code really say.

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10 Reasons To Hire A Tax Consultant 

February 1, 2016 21 Comments

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Filing your tax return can be done on your own. Especially if your tax situation is straightforward and you have no major transactions for the current tax year. People who file their own tax return find the experience satisfactory albeit time-consuming, as you will be in control of your own financial situation and no one else is made privy to your sensitive data. On average I take around 10 hours to file our return, from collecting documents online (PDF copies) to finally submitting the return.

10 Reasons To Hire A Tax Consultant 

However, many people find out that filing tax return is taxing and can get complicated. Considering that IRS made a lot of tax code changes, it can be quite challenging to keep up with all the updates and know exactly what your filing statuses are.

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10 Tax Code Changes for the Common Man in 2015 That We Should Keep in Mind

January 28, 2015 1 Comment

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As you are probably gearing up and readying your papers for 2015 tax filing, I thought of listing out some 2015 tax code changes that you should keep in mind while filing your tax returns in 2016. All of these changes affect common man, people like you and I.

Tax codes changes in 2015

The tax brackets and rates have all changed as we already know, but there are some minor, hidden and not-so-well-known facts that we often fail to identify and point out to our tax consultants. Hope this can help many among us.

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