Do you know what to expect from your tax return? If you get a tax refund, then, you’ll have no problem figuring out how to use the money! But what if with all the current changes to the Tax Code you will end up owing the IRS and can’t pay it immediately? You may then ask the question, is there a tax attorney near me?
Many find themselves in a similar situation each year. They filed their taxes and had a life changing event that also impacted the taxes they pay. For instance, one client filed his taxes after buying a condo with money he had withdrawn from his 401K account. Smart or not, he did it not realizing the income tax implications and ended up with a federal tax debt of about 15,300.
There are many reasons for people ending up with a tax debt, but income tax debts are most common for the individual taxpayers.