Warning by Florida Tax Attorney Highlights Importance of Checking Details When Preparing Taxes
Taxpayers should pay attention to every detail of their tax returns, according to Florida tax attorney Mary E. King.
That's because attorney Mary E. King said a variety of simple mistakes — including math errors, absentmindedness, inaccuracies as a result of rushing to complete returns, etc. — can all lead to nightmare scenarios if the Internal Revenue Service (IRS) targets them for an audit.
"Taxpayers should prepare their returns as if they were interviewing for a job,"Mary E. King said. "Like a job applicant wanting to make a favorable impression and be honest about their background, taxpayers should prepare returns that are complete and that they know are correct."
Attorney Mary E. King suggested several tips that taxpayers should remember to assure their returns are free of mistakes that include:
Always using a calculator when preparing returns. This is important even for the simplest of additions or subtractions because a minor mistake can snowball into a larger one in terms of the final amount...
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Don’t let false assumptions get you in trouble with the IRS! Sarasota tax attorney, Mary E. King warns that wealthy individuals or large corporations aren’t the only ones that need experienced tax IRS attorneys.
There are any number of situations a taxpayer may be involved with, in a given calendar year, that demand the expertise of a tax attorney. Seeking the services of a tax attorney is not something an individual needs only when they are preparing their yearly returns.
Other scenarios, for which an experienced tax attorney can be vitally helpful, but which are often overlooked, are instances in which someone has a taxable estate or is involved with a business.
For instance, tax attorneys can be invaluable for those who have started small businesses and need insight on tax structures. And, tax attorneys can also give advice on matters such as quarterly filings to make sure that a taxpayer is not hit with fines and penalties because they have not filed their returns properly or at the right time.
IRS tax attorneys can also make a difference...
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It is expected that the IRS will be more thorough in reviewing tax returns this year. It’s been rumored that tax increases will be necessary to reduce the budget deficit, but now Washington leaders are coming out and saying it.
Rep. Steny Hoyer(D-MD) said at the first of this month that increasing taxes to reduce the budget may be, “the only solution.” Hoyer also said a balanced approach is needed that “raises some revenue.”
As a result, American taxpayers will be expected to fork out more of what they earn, both during the years of the current recession and when it comes to filing their annual returns for years to come.
The Internal Revenue Service (IRS) will be even more aggressive in checking to make sure the United States Government gets every penny owed to it. The increased diligence that the IRS will employ in reviewing returns means that taxpayers will have to assure they are knowledgeable about the money that may be owed to the government.
That’s why consulting with a IRS tax attorney is important when preparing returns and in the event...
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