Some Important Tax Related Questions to Begin the Year With

With the New Year firmly settling in and the holiday season fizzling out, it’s probably time to get to some worldly affairs, or personal. And one of the topmost concerns on most of our minds would be related to tax implications for 2014.

Sloppy Work Not Wanted

Ideally, you should approach an experienced tax attorney or a tax consultant with your queries. Primarily, most of us would be concerned about tax brackets and any changes they are slated to undergo in the fresh year since this will have a direct impact on tax payouts. Although tax lawyers have explained that no major changes are likely, specific clarity needs to be sought for effective tax planning.

Money Balancing

Tax lawyers have also stated that the New Year is likely to bring in some bad news for wealthy tax paying Americans. Incomes above a certain level are likely to be taxed more in the present year! Therefore, high net worth individuals would certainly have plenty to check upon before the year commences in full swing. In case they qualify for higher tax payouts, it would be important to know by how much, so that they can allocate funds for the same. A proficient tax accountant or a tax lawyer can help perform the specific calculations.

Online Tax Filing is Still OK

It has also been declared that the IRS will be unable to process tax returns till at least the end of January of 2014. This is a result of the service disruptions that occurred last year and the IRS now needs extra time for upgrading systems and carrying out effective maintenance. Therefore, paper filing of returns has to wait. However, if you are planning to file your returns online, the same can be done at an earlier date as well.

Do not worry, the IRS may be in charge of a horrendous tax code but they are not as incompetent, wasteful, and controversial as Obamacare.

For seeking answers to more such queries on tax traps you are likely to encounter in 2014, consider contacting an experienced tax lawyer.