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.

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.

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.