Few people look forward to tax season. Whether out of fear of convoluted tax rules or a frustration at lack of money, it remains one of the most intimidating parts of the year.
As the saying goes…knowledge is power. Learning the ins and outs of taxes is just like learning any other essential life skill. The best tax attorney today can provide you several forms of insight to finally make sense of taxes and the impact they have on your life. You can learn how to approach a claim if you’ve missed a few years of tax payments, right alongside learning how to get tax lien released. Small businessowners and freelancers can also discuss the methods of quarterly payments.
It may not feel like it now, but you have options. Learn more about the changes in tax payments and how they affect you below.
The Function Of Taxes
Even today there are many that aren’t aware of how to file their taxes properly, much less what they’re used for. At their most basic, the brunt of tax payer dollars go to Medicare, Medicaid, and CHIP at around 25%. This is followed close behind by Social Security at another 25%, though these can fluctuate a little depending on changing laws. In the year 2017 nearly 120 million individual refunds were made. Whether or not you receive a refund depends heavily on the nature of your work and how much you made.
Basic Rules Of Refunds
You might be considering the function of a bank levy. Perhaps you’re wondering whether or not you qualify for a tax refund this year. There are always a lot of questions around tax season, best approached with the aid of an experienced tax attorney. It’s estimated nine out of 10 refunds are issued in less than three weeks, but sometimes lengthier filing times are necessary for any cases that need review. These can include inconsistent taxes, previous unemployment benefits, and the tax levy.
Definition Of Tax Auditing
The IRS works night and day to make sure money is flowing properly. When they notice a disparity in how much money is sent by an individual they will submit a tax audit to better figure out what’s missing. The IRS is able to audit any business tax return within three years of filing, with the ability to collect back taxes owed for up to 10 years. If you’re concerned about potential back taxes, it’s best to reach out to a tax attorney and ask questions. It looks much better when you retain a proactive attitude about your income.
Approaching A Wrongful Levy
Sometimes you’re faced with a potential lawsuit or collection. If you believe this is wrongfully done, you can reach out to tax lawyers and request a hearing. Law dictates you can file an administrative claim against either a wrongful levy or seizure by the IRS within two years. The previous tax law before 2018 only allowed a nine month window, widely considered to not be long enough. Under this new tax law small businesses with an annual gross receipt of under $25 million can use the cash method of accounting, provided it’s within a three-year period.
Mastering The Art Of Taxes
What is a bank levy for a small business? How can you make sure you’re paying the right amount in estimated taxes as a freelancer? All questions should be directed to a seasoned tax attorney that is familiar with the dynamic landscape of tax payment. The fiscal year for the IRS runs between October 1st to September 30th, with the year expected to process up to 155 million individual taxpayer returns. Even should you be faced with a collection notice, there are lawyers ready to represent you and make sure all parties are compensated fairly.
Tax season is stressful. Despite this, there are tax lien lawyers ready to help you when you need answers. Reach out to a tax attorney this week and approach your next return confidently.