Tax law is complicated Lundentechcrunch, and that’s before you even get into carve outs for special circumstances. Hikes in ordinary income taxes, for example, can trigger a tax question because they are being paid on an ongoing basis rather than once a year. That’s why adjustments like this are so important — and what we do at The Tax Advantage Council (TAC) unique. We offer a range of tax relief options that can help you avoid or reduce your taxes. Here are some tips on what to do if you’re wondering whether or not to act on a tax relief proposal from The TAC:
Be sure to ask your tax advisor
If you’re wondering whether or not to act on a tax relief proposal from The TAC, speak with your tax advisor first. Having information to back up your decision can help you avoid making a bad first impression. Ask your tax advisor about your options and any advice he or she can give. If you’re not sure what’s available, check out The IRS Tax Release. It has everything you need to know about what’s going on in the tax world right now.
Go through the IRS tax release
Before you act on a tax relief proposal from The TAC, go through the IRS tax announcement. This is the official announcement about tax changes that The IRS makes available to the public. It explains who’s affected and what the tax changes will affect. This will usually include a detailed outline of the tax breaks and deductions that will apply to your income, as well as a detailed schedule of payments.
Apply for an extension
If you’re determined to be in violation of certain tax laws, you can appeal to the Internal Revenue Service. This is done in person or by filing a written appeal with the IRS. There are many ways to go about this, but the most popular method is by filing an administrative appeal with the IRS. This process is administrative, meaning it takes place in a separate location from the IRS’s regular operating entity. You’ll need to pay the IRS a fee to conduct your appeal, which varies depending on the state in which you file the appeal.
Exchange information with your advisor
If you have questions or concerns about a specific tax law or its application, speak with your tax advisor. You can do this any time you get a chance to talk with an IRS employee — including in person, on the phone, or through an employee referral. You can also go to one of our online advisors for a tour of the company, get advice about specific taxes you’d like to avoid, and get help with complicated matters like religious liberty.
Diversification of income tax filing strategy
If you don’t want to rely on one income tax return to determine your tax liability, you can choose to have your income tax return filed as a series of separate documents. This way, each return acts as an independent document, and you’ve room for modification as your income changes. Unfortunately, this can be a problem if one income tax return doesn’t cover your losses during a certain time period.
Tax prep — now’s the time
If you’re determined to be in violation of certain tax laws, you can appeal to the Internal Revenue Service. This is done in person or by filing a written appeal with the IRS. There are many ways to go about this, but the most popular method is by filing an administrative appeal with the IRS. This process is administrative, meaning it takes place in a separate location from the IRS’s regular operating entity. You’ll need to pay the IRS a fee to conduct your appeal, which varies depending on the state in which you file the appeal.
Bottom line
If you have questions about how to proceed with a tax issue, speak with your tax advisor. You can do this any time you get a chance to talk with an IRS employee — including in person, on the phone, or through an employee referral. You can also go to one of our online advisors for a tour of the company, get advice about specific taxes you’d like to avoid, and get help with complicated matters like religious liberty. If you find yourself in a situation in which you’re unsure whether or not to act on a proposed tax relief, the TAC can help. Click here to get started.
