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Or they could just visit the IRS website. There are taxpayer-friendly guides for understanding the tax system. The NOLO series also has good advice. Alternat
by rprasad 14y ago
Or they could just visit the IRS website. There are taxpayer-friendly guides for understanding the tax system. The NOLO series also has good advice. Alternatively, spending about $1000 on tax advice from an accountant or tax lawyer could pay for itself in weeks. Taxes aren't due until the following year. If you can't afford to pay for basic tax advice after a year, you are either (a) undercapitalized or (b) lack traction and need to pivot.
Also, the reason the US uses a deduction/credit system is that it is (politically) easier to balance credits and deductions (which effect fewer taxpayers) than to balance an alteration to the base rate that affects everyone.
- mahyarm 14y agoIt's more IRS enforcement risk, you can interpret something incorrectly and the IRS will penalize you with usually crazy penalties.