Death and taxes: they affect everyone. In the case of taxes, at least in the United States of America, you are required to pay your fair share as set out in the IRS rules and various state tax codes, but not a penny more. In the attempt to do just that, many people can run into difficulty with the IRS or the state taxation authority. This can pose major headaches as well as financial distress. One of the best ways to inoculate yourself from paying too much is to conduct proper tax planning and work with law professionals as needed.
At times it may be important to get legal representation when dealing with tax issues. Fortunately, you can work with a tax attorney Creve Coeur MO.
The IRS Tax Code: A Real Behemoth
The Federal tax code is a huge collection of legislation that lays out the rules and regulations regarding the government’s taxation authority. According to some sources, no one really knows how large it is, although most counts indicate that it is over 6,500 pages long.
Being aware of those portions of the tax code that will enable you to legally lower your tax burden makes you truly tax-savvy. It pays to keep up with those portions that directly affect your personal finances, or if you are a business person, your company, or your firm.
Do You Need Tax-Savvy Legal Help?
The last thing you want is an IRS tax audit. Although a very small percentage of tax returns are actually audited, if you are one of the unlucky individuals to incur one, it can be a big hassle. Major causes of an audit include mathematical errors, filing the wrong forms, underreporting income, and being dishonest.
If you run afoul of the taxation authorities and are audited, you may wish to partner with a law firm with expertise in tax law. They can save you money and headaches.