Everyone who works for a regular paycheck is paying taxes. Employers withhold the taxes you owe and send them to the appropriate authorities on your behalf. The big deal is to pay taxes correctly and pay more/less than you have to. It is required to fill a tax return every year and come up with the final amount of your tax you owe. This process identifies the under/overpayment of tax every year.
Accountants, as well as Tax Attorneys, can help you in your hour of need. A tax attorney Virginia Beach is a lawyer who specializes in the complex and technical structure of tax law. Taxation lawyers handle legal and technical issues associated with tax the best. Consulting a tax attorney in advance helps you prevent problematic events in the future and plan the best course.
Your tax lawyer must possess a “Juris Doctor” degree or “J.D.” and must be admitted to the state bar to practice. Another important thing for a taxation lawyer is to have advanced training in tax law. An accountant, as well as a tax lawyer, can help you in filing a tax return. But when it comes to matters concerning the law, a tax lawyer is what you need. If you engage in international business or have legal issues, your attorney can help you understand tax matters.
When you file a tax return, you might be able to reduce the taxes and get a refund of the tax amount that you’ve paid to the IRS. There is also a chance that you might have had an additional income during the year which you’re required to report, and this can result in you owing IRS more than the tax you’ve paid.
How Can You File a Tax Return?
While filing a tax return, you can file it manually by completing form 1040 according to IRS’s provided instructions. Send the form to IRS via mail along with the tax amount you owe. You can also file your tax return electronically with a tax software program or websites like TurboTax or H&R Block. Fill out form 1040 online and answer the questions it takes you through. Another way of filing a tax return is to take help from an accountant or tax attorney. These Professionals try to maximize your refund/deductions and file your tax return on your behalf.
You can reduce the taxable amount by claiming deductions from the “gross” income. You can deduct the deductible amount and reduce the taxable income with that amount. However, you cannot deduct the entire amount you spent. There are allowed deductions such as medical expenses and charity. Unlike tax deductions that reduce your taxable income, a Tax credit directly comes off as a refund. IRS provides several kinds of tax credits to low-income taxpayers and families that have children.
When making payment, you can send money to IRS and your state’s revenue department in any way. You can directly debit from your bank account via direct pay, and the agency accepts online credit card payments.