Additional consequences will follow, in the form of a IRS Tax Lien. IRS Tax Liens issued on an individual’s Social Security Number or TIN generates public advisories at the county recorder’s office for all the general population to view. IRS tax Lien reporting will then flow to your personal credit report, which will then influence the ability or lack thereof, to purchase larger priced items such as a primary residence, new vehicle, home appliances, small business loans and credit card applications.
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In summary, an Accurate, Competently prepared, Consistent annual tax preparation minimizes unnecessary IRS or State tax debt.
Here is our tax preparation tip for the day:
IRS Taxpayer’s have the ability to claim medical expenses as a deduction of taxable income for themselves or a person who was the taxpayer's dependent at the time the medical services were administered, or, at the time the medical expenses were paid. ALL medical and dental expenses along with the cost of prescription drugs are deductible. Include medical expenses charged on a credit card in the year the charge is made. It does not matter when the amount charged is actually paid. A taxpayer must reduce total medical expenses for the year by all reimbursements for medical expenses from insurance or other sources.
A IRS taxpayer cannot include in medical expenses the amount paid for unnecessary cosmetic surgery. This includes any procedure that is directed at improving the patient's appearance and does not meaningfully promote the proper function of the body or prevent or treat illness or disease. If the cosmetic surgery is necessary to improve a deformity arising from, or directly related to, a congenital abnormality, a personal injury resulting from an accident or trauma, or a disfiguring disease, the expenses are deductible.
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DWK TAX GROUP
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