Tax Lawyers Firm - Industry Tax Recommendations for Summer

Wednesday, July 22, 2015

Summer is here and that is no reason to neglect your tax obligations.  We are the Strategic Tax Lawyers and we want to provide you with tax strategies that taxpayers should do now before the tax season starts.  Our strategies may help you avoid getting audited in the future, or it could help you get a larger tax return next year.

One suggestion that the tax industry professionals suggest when filing a tax return, especially in the summer, is to alter the amount of taxes that are withheld from the wages you earn.   Another good suggestion is to pay the IRS the amount of taxes you realistically owe rather than the amount of estimated taxes you pay to the IRS.  For example, if you use the online calculator on the IRS website to calculate the amount of federal income tax you want withheld from your paycheck, we suggest trying different calculations to estimate whether it is more lucrative to have more money withheld from your pay or less. In addition, if you experience a major life event (marriage, becoming a homeowner or having a child), we encourage you to change your deduction election on a W-4 with to your employer. 

The tax industry is also taking steps to fight identity theft, which we want to alert taxpayers about.  The IRS has decided to form a collaborative to fight identity theft refund fraud by joining force with tax preparation professionals, tax software firms, tax administrators, and payroll product processors.  This is being done to protect U.S. taxpayers.  This collaboration aims to find new ways to validate taxpayer information and their tax return information at the time of filing. This will allow information to be shared between the industries. The hope is to share information in order to identify tax fraud schemes and locate fraud patterns.  The efforts will also help produce a safer and more secure experience for U.S. taxpayers.  In doing so, the collaborative will focus on developing methods to validate taxpayers and information on tax return filings, improve fraud detection and prevention of fraud risks and threats.  The information will be reviewed and authenticated to find any repetitive use of numbers or Internet addresses that may seem suspicious. Every segment of the tax industry will begin to share data about filings with the IRS to help identify fraud and information will be shared efficiently to help stop fraud schemes which will lead to prosecution of identity thieves. In addition, the IRS and the tax industr4y will do more to inform taxpayers and raise awareness about the protecting personal identifiers, as well as financial information to help prevent refund fraud and identity theft. 

If you need to hire a reliable team of IRS Tax Attorneys, contact the Strategic Tax Lawyers Firm.  We have years of success in the Federal Tax Code with documented cases that we have won for our clients.  Call the Strategic Tax Lawyers at (800) 669-4775 for a free consultation to assist you with your tax-related matters.