Solutions To The 5 Most Common Tax Probl ems People Face Today All those people, whose income come under tax liability, file and pay their taxes every year. There are several occasions when you face unexpected issues that prevent you from being complainant with the IRS and file taxes. Have a look at top 5 key issues explained here below:
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1. Unfiled Taxes ďƒ˜If you don't file your tax on the right time, it incurs expensive fines and penalties. You may be put behind bars as well. ďƒ˜Solution: file your tax returns on time and a payment arrangement (installment payment) from the IRS.
2. Inability To Pay The Tax Off ďƒ˜If you avoid filing your returns because of your inability to pay the tax in full, it increases your tax liability. ďƒ˜Solution: Hire Tax Law firms in India and be eligible for settlement programs methods, such as CNC, or Currently Not Collectible status, OIC or Offer in Compromise, installment agreement, etc.
3. Interest & Penalties ďƒ˜Penalties and interest increase your financial burden and kill your precious time. ďƒ˜Solution: You should ask for a penalty abatement from the IRS.
4. Penalties Against False Claims ďƒ˜IRS can impose penalties against all those taxpayers who make baseless arguments to save tax amounts. It causes a delay in Tax collection. ďƒ˜Solution: Consult Tax Law firms in India to determine your actual tax liability.
5. Tax Deductions Claim for Charity IRS may deny the claim of the tax deduction for charitable work. Solution: Just hire a Corporate Lawyer to prove your point. You may get relief.
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