When tax time comes, most of us have paid, or will pay, a substantial amount in tax and we do it with a feeling that it's our obligation but always wonder if we're paying too much. We hear about others who have substantially larger incomes than we do who are paying the same amount, or even less and wonder if we're missing something. And usually the answer is "yes." Most of us are paying too much in tax.
Of all the areas of law, the Tax Code may be the most confusing. The "Code", as it's often referred to, requires so many volumes of text that it would fill a good sized house. And unlike other areas of the law where most of the time you don't need an expert, the Tax Code has thousands of provisions that may benefit you but they've not been reported in the news or show up in the tax preparation software so you'll never know about them. And as a result, most Americans pay far more than they need to in federal tax. And if you live in a state that also has a tax, it's probably based on the federal tax so you're paying too much, twice!
And there's more to Tax than just preparing the return. Setting up the right strategy and structure has a significant impact on how much tax you pay and what deductions and exemptions will apply to your situation. If you're not making use of all of these approaches, you're probably be paying too much in tax. Our experience is that the average taxpayer overpays by as much as 40% to 60% each year in federal tax alone.
At Nielsen Law Group we know the options within this specialized area of law and we'll help you find the ways to reduce your tax and lower your audit risk at the same time. In many cases, it's possible to amend prior years to recover at least some of the tax overpayments. And if an IRS issue arises, we'll help you find ways to resolve your case no matter how complex. Our tax practice focuses on safely minimizing tax liability and protecting taxpayers' rights in both personal and business returns. Our lawyers combine tax, business, and litigation expertise to ensure you receive the best outcome possible when faced with IRS issues.
We are also successful in getting IRS penalties waived, working out payment plans that are mutually beneficial and even settling IRS tax debts for less than the amounts owed. We can also help those who have fallen behind with their past filings get caught up quickly to avoid any further interest and penalties imposed while keeping a focus on preserving your assets.