Ask The Experts: Putting Common Consumer Tax Questions to Bed
In this edition of our 'Ask The Experts' series, we turn to experts in the fields of accounting and taxation to answer some popular questions from consumers about income taxes
The issue of taxation is deeply engrained in the fabric of America, and while it continues to illicit stark emotions to this day, the anger it now inspires has less to do with pure ideology than simple confusion. Not only are many people understandably clueless about the maze of rules, loopholes, and forms that comprises the modern day tax system, there are also doubts about its fairness for various consumer segments as well as the role tax revenue will have to play in solving the current budget crisis.
It’s therefore no wonder a lot of folks develop a bit of a complex when it comes to April 15 and the IRS. It also speaks to the value of accurate information from trusted sources. Getting clear answers to some of the most pressing tax questions may just give you the confidence necessary to rise to the occasion on Tax Day and come away unscathed.
That’s why, after reaching out to national experts in tax policy for advice on how to best improve the tax code in the future, we sought answers to the types of questions that are likely at forefront of your mind right about now.
The questions falls into 10 distinct categories – New Rules, Small Business, Investments, International Income, Deductions/Filing Procedures, Inability to Pay, Policy, Legal Issues, The Sequester, and Free Assistance – and you can find the answers as well as information about the experts who provided them below.