Many people get nervous when tax time comes around. This is understandable. There is a lot to be concerned about, including making tax-filing mistakes, overpaying your taxes, or receiving a tax audit.
Perhaps you are having trouble with the Internal Revenue Service (IRS) or are afraid of making a mistake when doing your taxes. If so, it may make good sense to seek out a professional tax attorney Washington DC.
The Internal Revenue Service (IRS)
The U.S. Internal Revenue Service’s tax code is huge. Very few non-tax-professionals, if any, know all the items in it. For that reason alone, it may be daunting to prepare your annual tax filing.
The size of the federal tax code is currently estimated by some at over 74,000 pages. Since the beginning of the 21st century, there have been more than 4,500 additions to the tax code. On average, U.S. taxpayers must work well over 100 days in a year to pay their taxes, and this does not account for non-federal taxes that must be paid as well.
In addition, the IRS has an army of agents and vast powers over your financial life. The current administration is adding even more staff to the IRS, as its thirst for more tax revenue increases.
Common Tax-Preparation Mistakes
The IRS estimated that about 15% of taxpayers make errors when filing. Here are a few mistakes that can prompt an audit from the IRS:
- Math errors
- Not being truthful, especially under-reporting income
- Filing the wrong forms or schedules
Reasons To Partner With a Professional
Most folks don’t have the time or the expertise to know the details of the tax code. For that reason alone, it is often prudent to work with a savvy professional. In the long run, these experts cans save you money, time, and stress.