There’s a horror story that each tax advisor can tell about mistakes made by the IRS on someone’s tax record. In fact, literally thousands of dollars are involved in most IRS mistakes.

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People give contributions to charitable institutions simply because of the light feeling that naturally comes with the act of helping someone. Doing so will also entitle them to tax deductions as these contributions are considered non-taxable. If the IRS sees items like this in your tax return, it will always take notice.

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When retired, you can do anything you wish to do. But penny-pinching where possible is a requirement because you will be thriving on a fixed income. The taxes you pay the IRS are no exception.

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An OIC (Offer in Compromise) is a process that enables you to pay your tax debt by paying just a small amount to the IRS, as little as 1% of the tax due. Of course, strict requirements should be met in order to qualify for this.

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When you cannot pay back taxes owed to the IRS in full but you can afford smaller monthly payments then you should use a payment plan to pay back the IRS. There are 3 types of payment plans and your financial situation will determine which method you should or can use. Below are the three different types of IRS payment plans that you can use.

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People have the tendency to file their taxes in the same manner that they’ve done so in the previous years. While taxpayers still ultimately accomplish the task of filing their tax returns, they may want to make use of the other methods available in filing their tax returns.

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If you have not been filing your tax returns for quite some time, chances are, you are have been harassed by the IRS now. You may have been receiving notices imploring you to settle your taxes. Non-filing of taxes can result to penalties, fines and even jail time, among others.

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You may not be aware of how to file your taxes if you are an American citizen working and living abroad. You may not be aware that even if you are outside of the country, the IRS and the US government actually require that you file your taxes.

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Every year, there are several tax deductions that most people don’t take simply because they have no idea that they exist. More often than not, they learn about those deductions only when it is already too late. It’s understandable that they do not know about them simply because there are too many deductions that can be availed of.

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Taxpayers instinctively want to claim for every possible tax deduction that they can qualify for. Surely, this is because they do not want the IRS tailing them every once in a while and because they want to save as much money from taxes. However, there are some legal deductions that are usually abused or that are too easy to abuse that the Audit section of the IRS notices these if anyone claims for them.

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