Does Donald Trump Qualify for Tax Relief?
As it can only be expected, when an individual finds themselves running as a presidential candidate, they must also be able to endure the scrutiny and constant investigations performed by citizens of the United States. Their ultimate goal is to ensure the candidate chosen is a reputable and trustworthy individual that is able to make drastic decisions that involve our country. In fact, individuals have become so concerned with how honest their presidential candidates may be, they have gone as far as inspecting their legal tax documents, which is a touchy subject for any tax payer in the U.S.
Tax attorneys in New York share with you some information you may find to be a bit interesting, or rather, shocking, when it comes to Donald Trump and the sort of relief he receives when it comes to paying taxes. NBC Connecticut displayed the concern many Americans have as an ex-IRS official calls Trump out stating that while there is no reason to withhold his legal tax information, he should release it for public view.
Upon filing your taxes, tax lawyers in New York understand that the reported information is provided to the best of your knowledge, however, the ex-IRS official is under the impression that either Trump failed to accurately provide authentic information on his return, or he may not want to damage his ego as he might be worth less than he claims to be.
On March 8, 2016, New York City’s Department of Finance displayed what claims to be Trump’s property tax bill, and low and behold, displays a Basic STAR tax relief credit, resulting in a credit of $302.00, rather than having to pay out. Tax legal representatives in New York identify tax relief as a form of a “break” on how much is required to be paid on the overall amount of your property worth.
Trump’s bill highlights the total worth of his dwelling, as well as the amount of tax required to be paid in over the course of a year, although this STAR credit may be leaving citizens wondering why Trump is being relieved for the amount indicated. Generally, when someone falls under the category of “tax relief,” they are either a senior citizen, a first time home buyer, or a low income tax payer.
While this credit is a mere “break” on taxes, it is generally applied to those who suffer from being unable to efficiently come up with the amount owed. Therefore, should citizens conclude that Trump is in need of tax relief, receiving privileges that many other Americans would benefit from but fail to meet the required criteria, or a mere tax scam that has caught the attention by many?
With that, tax fraud attorneys also bring to you the idea of these tax relief scams, and those who attempt to receive such tax breaks may be at risk of being identified as committing tax fraud, and facing charges for such offenses.
While the reasoning behind Trump’s tax relief credit is unknown, tax relief lawyers remind those in the process of filing their taxes to be sure all information reported is accurate and a clear depiction of what income was received.
- When Should I Call a Tax Lawyer in Denver, CO? - September 5, 2019
- Will a Corporate Split in Edinburg Texas Affect Taxation, After a Disagreement Regarding Client List Ownership and the Removal of Partners who Want to Start Another Entity? - May 13, 2019
- Do I Need a Business Law Attorney to Set up a Non-Profit Corporation in St. Augustine Florida Due to Special 501(c)(3) Tax Requirements? - May 13, 2019