It can be a complicated thing to get involved with.
It can become panic time
if you get behind on your taxes.
If you owe "back taxes" to the IRS (or State), you can permanently resolve your tax debt and get some tax relief in many cases by using a good tax attorney.
The IRS has set up rules and programs specifically for the purpose of tax relief.
Often the tax burden can be significantly reduced.
These tax relief plans may be because the IRS doesn't want to see you homeless living in the street.
The IRS offers tax relief in these cases
Relief for Victims of Storms and Flooding in Hawaii
Relief for Victims of Wildfires in California - see the News Release
Relief for Victims of Hurricane Ike in Texas and Louisiana
Relief for Hurricane Gustav Victims in Louisiana and Mississippi
The IRS has a good page on casualty loss www.irs.gov/taxtopics/tc515.html
If your doctor tells you to take aspirin etc. ask to get a prescription for the items(s).
You don't have to pay sales taxes on it in this way. Your insurance may cover it as a bonus. For folks who have a chronic illness or long term users of diabetic supplies and alcohol wipes and other supplies this can add up.
Tax rules allow you to deduct a portion of your stock losses, called capital losses, which can reduce your tax bill.
The rules concerning capital losses are strict and specific. Capital losses can be used to offset ordinary income only if they exceed your capital gains. There are limits on the deduction.
Taxpayers who are looking to refinance or sell a home and there is a federal tax lien filed have options.
Taxpayers or their representatives, such as their bank, can ask that the IRS make a tax lien secondary to the lien by the bank that is refinancing or restructuring a loan.
The taxpayers can request that the IRS discharge its claim if the home is being sold for less than the amount of the mortgage lien under certain circumstances.
As always check with the IRS for the latest changes in the laws www.irs.gov/.
A lot of people break out in a nervous sweat and get the shakes when it comes time to file their taxes.
The first time that I tried to file by myself left me with a feeling of confusion because I did not bother to read any information about how to go about it in a fair way, a way that didn't leave me broke and living in a cardboard box in the alley.
I just had at it without reading anything and it was overwhelming. I assure you that after all these years I won't get into a difficult situation like that without any proper info and good forms to file.
Some folks just file as fast as they can to get it over with. They loose out on a bunch of legitimate deductions and allocations that could have saved them a ton of money at tax time.
I would rather be getting a nice tax refund than pay the IRS a lot of money. Pay attention to the details.