Income tax

Income tax

What is the income tax, “Income Tax?”

The income tax is a tax on the money people earn. Generally, the tax is a percentage of your earnings each year and is due on April 15. The income taxes to the state and federal governments are paid. These taxes are used to fund government operations, national security to local education.

How much income tax I pay?

The amount of tax you pay is generally a function of their income less any deductions to tax law allows. The amount of tax you have to pay is set by lawmakers. Taxes are collected by the Internal Revenue Service, IRS, “Internal Revenue Service.”

What happens if I pay my taxes? What if Payment Only a part of them?

The law requires you to pay taxes. If you do not, the government can demand the money you owe and even put in prison for tax evasion. If you pay your taxes badly, you will probably have to face an audit.

Tax Audits

Income When the IRS thinks you have not paid their fair share of taxes, you can review your tax return. They usually come to this conclusion when you think 1) has not reported all their income, or 2) has taken deductions you should not have.

In an audit, you need to deal with an IRS official will ask about your tax return. You have to convince the officer that you fully reported all your income and all deductions you reported were appropriate. If you succeed, your tax will be closed and you have nothing to worry about. If you do not succeed, then you may be subjugated to monetary penalties and additional taxes.

Fiscal Court

If after the audit, the IRS requires a payment of less than $ 50,000 in taxes for one year, you can go to tax court. In the tax cut you can dispute the amount of money you owe. The tax court judgment is final.

What is a committed offer, “Offer in Compromise?”

A committed offer is an agreement between a taxpayer and the IRS income to allow the taxpayer pays less than the full amount of back taxes owed. You should talk to a lawyer about whether a committed offer is possible in your situation.

What is an Installment Agreement, “Installment Payment Agreement?”
Many taxpayers of income can not pay the full amount of tax they owe.

Sometimes an installment agreement can be made between the taxpayer and the government to pay taxes in installments. An experienced lawyer with income tax can help you negotiate a time.

Do I need a lawyer to help me with my problem of income tax?
The tax law is a very complicated and frustrating topic. To make matters worse, there are changes in tax laws each year. A lawyer can help you understand the current tax laws and how they affect the problem of income tax.

If you have not paid income taxes for several years, a lawyer can assist you to negotiate with the IRS to offer installment agreement or a committed offer.

If you need to go to court, a lawyer can represent you and help you minimize your tax bill on income.

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