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10 Tax Tips: Don’t Make the Same Mistakes as Last Year

As tax season quickly approaches, many households across the country are beginning to gather up their relevant documents and plan their deductions. Filing taxes each year can be stressful. Errors can result in hefty penalties from the IRS and failing to properly document all deductions can cause people to have a much higher tax bill than they should. Here are the top ten tips to help people avoid making errors this year on their tax returns.

1. Consider Delaying or Accelerating Income to Achieve Desirable Tax Brackets

Those who know that they are going to be in the same or a lower tax bracket next year should consider delaying income, such as bonuses, until January to avoid extra taxes at least for this year

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Myths-About-the-IRS

12 Myths About the IRS That Taxpayers Need To Know

I was recently contacted by an organization that offers Continuing Legal Education credits to attorney. They want me to teach a two hour course to attorneys on IRS Problem Resolution. Now I often do this for attorneys, CPAs, and enrolled agents in Florida and around the country but those classes always consist of individuals with at least some tax knowledge or background. They have an interest in this area of the law.

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Audits

I’m tax attorney Steve Klitzner, and my practice is limited solely to representing individuals and businesses with IRS problems. And I don’t just work on cases where someone owes the … Read more

Cost of Representation

I’m tax attorney Steve Klitzner. My practice is limited solely to representing individuals and businesses with IRS problems. When I sit down with a new client, about 45 minutes into … Read more

Different Statutes of Collection

Jeffrey: Hi. I’m Jeffrey Schneider, and I’m an enrolled agent, and this is We Got Your Back…Taxes. Today we have Steven Klitzner. He’s an attorney who specializes in what we call alternative collection issues. He basically helps you get out of problems with the IRS. So today we’re going to talk about the different statutes that are out there. There’s 3, 6, unlimited, 10-year, and everybody thinks they’re something different. So let’s talk about the three-year statute first.

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Eight Mistakes Tax Practitioners Make When Negotiating With the IRS

Eight Mistakes Tax Practitioners Make When Negotiating With the IRS

Important Tips to Keep From Getting Your Client in MORE Hot Water

Representing citizens with IRS problems is a challenge. The IRS has little sympathy for delinquent individuals and businesses. Fortunately, citizens have rights and, through their legal representative, they can successfully negotiate a resolution that allows them to move on with their lives. To effectively represent their clients, tax practitioners must know the law, the rules and IRS policy.

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Are You Going To Get Audited By The IRS?

The short answer is “probably not.” Less than 1% of tax returns are audited. Generally, there is a reason for the ones that get chosen. When the IRS receives a tax return, they score it. This identifies the tax returns where the numbers are outside the average from someone whose work is similar to the taxpayer.

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How to Deal With An IRS Audit

Being the subject of any tax audit can be stressful, but the intensity magnifies when an audit involves the Internal Revenue Service. Here are a few tips to help you deal with an IRS audit as efficiently and affordably as possible.

Understand why you’re part of an IRS audit. The IRS uses a computer system to “flag” certain tax returns for audit. Taxpayers with taxable income of more than $200,000, those who are self-employed and file a tax return with significant claimed business expenses relative to reported income, or those who claim high charitable contributions relative to income may be “high-risk” for an IRS audit, according to experts at the Society of Grownups.

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How To Prepare For an IRS Audit

If the three letters IRS give you nightmares, you’re not alone. The fear of the IRS is a common emotion and one that will send chills down your spine. The good news is the chances of being selected for an IRS audit are relatively low. However, that doesn’t mean it won’t happen. Therefore, we would like to give you some tips on how to prepare for an IRS audit.

Should You Hire a Professional Tax Attorney or CPA?

An IRS tax audit is a very long and stressful process. In addition, understanding the tax code, for most people, is like trying to read a foreign language. It’s extremely difficult, unless you know what you’re doing. Hiring professional representation will ensure that you have someone representing you who has been educated in tax law and will be better able to speak for you than you could for yourself. Additionally, people sometimes unwittingly reveal too much information, information that isn’t required and that could potentially do more harm than good.

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How to Prepare for Tax Season

Tax season is fast approaching, and so is the dread that goes along with it. While the tax code may seem like an endless collection of complicated regulations, lengthy forms, and confusing deadline, getting through tax season can actually be quite easy. All you need to do is carefully and methodically tackle each step of the process before moving on to the next step.

Gather Your Documents

While you can start planning for tax season in December or January, you won’t be able to come up with more than a rough estimate until February. This is because employers have until January 31st to issue the forms that state your final income — W-2s for salaried employees and 1099s for independent contractors. Until then, you may want to start gathering your receipts for charitable donations, business expenses, and any other deductions you plan to claim.

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