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Tax Planning
We Solve IRS Tax Problems

Ok, so maybe it isn’t April 15th, but we could all use a little help with our taxes.  Fact: the majority of Americans miss an average of 5 deductions when claiming their taxes! Most of us want to run when we hear the word taxes, and it may seem much easier to just take the standard deduction. However, you could be missing out on money or even over-paying!

Tax Planning

When it comes to getting the most out of your taxes, there are three main strategies to follow. Having a professional guide you through the process can maximize your chances of reducing your taxable income and not overpaying for your taxes.

  • Increase your deductions—although taking the standard deduction is easier, it can also leave many potential deductions unclaimed. Evaluating your itemized deductions against the standard deduction is the best way to get the most out of your taxes, and you can always take the higher amount. However, the process can be tedious and time consuming. In many cases, the more itemized deductions you claim, the more likely you are to be open to an IRS audit. It is important to have a professional review your itemized deductions when preparing your taxes before you submit your tax return.
  • Put tax credits to work—can reduce your overall tax liability on claims for college expenses, for savings accounts for retirement, Earned Income Credit, and for adopting children. The qualifications for these credits can be very specific and should be considered with caution. Claiming a tax credit without meeting the qualification standards can leave you subject to an audit and even increase your tax liability.
  • Know your tax liability—this is a two fold problem that affects (a) those with high incomes and (b) anyone who made a mistake on a prior tax return.

    (a) It is no secret that the more money you make, the more taxes you will be liable to pay. The biggest problem people run into is not having enough money set aside to pay their tax liabilities. This is a big problem among self-employed or small business owners that do not have the luxury of having a corporate payroll department keep track of their tax liabilities.

    (b)Even if you don’t make a lot of money, it is easy to make mistakes on your tax return. The IRS audits thousands of taxpayers each year and over half of those taxpayers will have to make an adjustment to their tax return. If your tax return requires and adjustment, it is likely that you will end up owing the IRS money. Any tax liabilities that go unpaid become back taxes, and can end up costing you more money in the end through IRS penalties.

The attorneys at the Lee Law Firm can help you organize, prepare and file your taxes. We can even find you relief from your tax debts, settle back taxes, stop tax liens and wage garnishment, and combat IRS harassment.