Sunday, February 7, 2016

Navigating Tax Laws

Tax laws often concern business people who lack extensive fiscal understanding. Right now, this is particularly worrying since it is tax season again in the US.  According to arecent article in My North West, this fear actually translates into tens of thousands of Americans avoiding tax filing, resulting in an IRS estimated almost $1 billion unclaimed refunds, just for 2012.

So what is the solution?  If there are refunds to be had, and one is not in the tax-know as it were, what should the next step be?  One idea is to contact a tax consultant in their area. In Washington for example, the above article estimated that half of the refunds are for $700+. People such as Louis Kreisberg of Pioneer Wealth Partners, Greg Boots of Anderson Advisors and Thuy Nguyen of H& R Block are just some of the consultants that offer services in this area.  Along with his team at Pioneer Wealth Partners, Kreisberg offers investment advice, tax and estate planning services and more to his clients, helping them navigate an array of fiscal adversities. They can help these people remove the fear of tax return filing for those concerned they owe money to the IRS.

Then of course there are the companies which are avoiding their taxes. According to Citizens for Tax Justice, companies were able to avoid up to $695 billion due to the fact that they are not bringing the profits they earned overseas back home.  This is because America – at a figure of 35 percent – imposes the highest tax rate in the developed world.

So when it comes to individuals potentially getting a tax refund, it is worth consulting those in the know to have this happen.

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