Deciphering The Tax Code

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Deciphering The Tax Code
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• Filing your taxes as a small business owner can
  be a daunting experience, and its not always
  easy to know who, or where to turn to for help
  and guidance. Many believe that the information
  published by the IRS is the definitive source of
  guidance for tax filing, but this may not be the
  case.
• The definitive rules for filing taxes can be
  found in the Tax Code, a document containing many
  thousands of pages and one which seems to expand
  with every passing year. As well as being a
  seriously lengthy document, the code is not
  easily understood and deciphered. This has meant
  that many other documents have been compiled to
  try and make sense of the copious numbers of
  complex rules, and you can read more about them
  below

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• The Tax Code itself
• Otherwise known as the Internal Revenue Code,
  this set of treasury regulations and revenue
  rulings contain the official and legally binding
  tax rules set by congress. Naturally, since any
  publications related to the Tax Code have come
  from the government, you can be assured that they
  are accurate and up to date. However, because the
  code is so lengthy and so complex, if you dont
  interpret it correctly, you could be held liable
  for any errors that you make when filing, even if
  you state that you consulted the official
  guidelines.

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• Information from the IRS
• Most information provided by the IRS summarises
  the tax code in a series of booklets, and they
  are readily available and much easier to
  interpret than the code itself. That said, their
  version of the code and the way in which they
  explain it may not be strong enough to hold up in
  court.
• You can also place a call to the IRS, but they
  readily admit in writing that there is the
  possibility they may give you the wrong answer to
  your query, and if you then go on to make an
  error when filing your tax return, you will be
  liable for paying the correct amount.

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• Taking advice and guidance from a tax
  professional
• You really cant go wrong if youre trying to
  decipher the tax code than turning to a
  professional tax expert, not only will they give
  you the best advice based upon their knowledge
  and experience, but they will give you the most
  accurate and up to date information that will be
  sure to see you staying on the right side of the
  IRS.
• Enrolled agents and CPAs will save you a lot of
  time and stress when trying to figure out your
  tax return, and there are sure to be a wealth of
  such professionals in your area.

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• Income taxation has always been complicated, and
  nothing seems to set to change. Consulting with a
  tax professional really is the only way to ensure
  that you fully understand what you are required
  to pay, or what youre not required to pay. Do
  also be mindful of the fact that an IRS audit
  could determine that you owe a different amount,
  so it pays to set a little money aside to cover
  this.
• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services Miami Beach.
  If you are looking for individual tax preparation
  in Miami Gardens, Heyer Associates would be a
  right option.