Practical Income Tax Tips – 7 Rights You Must Know Before You Enter Tax Season
When it comes to income taxes many people want to know what are their options. It’s simpler to maneuver through the filing process when you know what your entitlements are. This article will highlight 7 rights that you should know as a tax payer.
You can choose how to file. The Internal Revenue Service provides filing options to make it convenient to send in tax information. Three ways to submit tax forms include E-file, mail, and in-person. If you need to take your tax return in person, check with the IRS to find the local office in your area. The preparer is up to you. The IRS does not mandate that you hire someone to process your tax return. Although many people do their own taxes, there are reasons, such as complexity of tax law and inexperience with tax forms, that you may choose to have someone do the work for you. Someone can represent you in an audit. There may come a time when you need to go before the IRS which may require an added layer of expertise. You can opt to have a tax attorney, enrolled agent, or CPA to represent you. Likewise, you can elect to have your tax preparer handle communications on your behalf. You can pay fewer taxes. Don’t wait until tax season to complain about the amount of taxes that you pay. Take advantage of strategies throughout the year that are legally within the law to lower your taxable income and keep more of what you earn. You can more time. Don’t think you can file by April 15? No problem. Get an 6 additional months by completing Form 4868 Automatic Extension of Time to File. You can revise a return. Forgot to include something when you filed? The IRS provides the right to amend your income taxes. And you can go back as far as three years to claim deductions that could qualify you for a refund. You can appeal. Receiving a notice from the IRS with changes showing a higher tax due is no fun. But if you do receive a notice you can choose to accept or disagree with the change by completing the forms that they send. You can also ask the Appeals Office or a court for a tax review.
And now that you know some taxpayer rights, you can start lowering your taxes by downloading a free tax organizer for individuals and business owners here.
Copyright (c) 2010 Benita Tyler
TBS USA is committed to helping small business owners by providing proven financial management strategies to help them achieve their profit goals, minimize tax liabilities, and build wealth. Business advice and tax tips are available at http://www.tbsusa.com
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