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STRATEGIC TAX LAWYERS:  TAX BLOG

Tax experts at the Strategic Tax Lawyer - Summer Tax Tips

Tuesday, October 27, 2015

The tax experts at the Strategic Tax Lawyer suggest for taxpayers to review their tax documents during the summer and take the time to prepare for the upcoming tax season.  As you prepare to file a federal tax return, you can change the amount of deductions or taxes that are withheld from your wages.  tax attorneys in california also suggest that you pay the Internal Revenue Service the amount of taxes you realistically owe by changing the amount of estimated taxes you pay to the IRS.  One such example is if you get a new job. You will be required to complete a new W-4 Form, so use the online calculator found on the IRS website to calculate how much tax you will want your employer to withhold from your paycheck.  It may be a good idea to put in different calculations to decide if it makes more sense for you to have more or less money withheld from your paycheck. Also, significant life events, which include getting married, having a child or buying a house, you have the ability to change the number of deductions so that you will owe more or less taxes. This will also require that you submit a new W-4 form to your employer. If you are a self-employed individual or if you collect rent, interest and/or dividends throughout the year, then you may need to pay estimated tax.  You may need to pay this if you owe more than $1,000 in taxes.  This may need to be paid up to four times per year.  The IRS has a tool to help estimate tax using the 1040-ES Form.


The IRS offers free information for taxpayers who want to learn about Taxes 100. The program called “Understanding Taxes” is free and available online on the IRS website. This program helps individuals understand the basics of taxes and it is easy to understand, accessible, and comprehensive.  The site is also user friendly and you can skip to the parts you want to read. There are a set of tax tutorials that will provide you with information about tax preparation and the basic tax concepts. You can also take a quiz to test your tax knowledge.  The IRS makes this program easy to access, so there is no need to register or login. And you can return to the program if you take a break and you can continue where you left off. The tutorials are self-paced and it is a great way to learn about the history of U.S. taxes.

If you are self-employed or collect rent, interest and/or dividends, you may need to pay estimated tax, especially if you owe over a thousand dollars.  This may need to be paid up to four times per year.  The IRS has a tool to help estimate tax using the 1040-ES Form.

Many of these strategies done now before the tax season starts can help you avoid getting too much or too little taxes withheld in advance.

If you need to hire a reliable team of Tax Attorneys in Los Angeles, contact the Strategic Tax Lawyers Firm to get free tax consultation.  We are tax attorneys who have years of success in the tax code and with the IRS.  Call the Strategic Tax Lawyers at (800) 669-4775 for a free consultation to assist you with your tax-related matters.