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4 Reasons People Get Into Trouble With the Irs

For example, in recent years the IRS haswell as a state penalty and an income
increased its filing of levies, lienstax on the money withdrawn.
and wage garnishments. In fact, in 20043. Not paying enough taxes when
alone, approximately 2.5 million leviesself-employed. Many people who own their
were filed.own businesses don't know how much they
The experts at JK Harris & Co., one ofhave to pay in taxes. The tax structure
the nation's largest tax resolutionfor a self-employed person - what to
firms, offer this list of common wayspay, how to pay and what can be deducted
people get into trouble with the IRS.- is decidedly complex, so it's easy to
1. Filing too many exemptions. Anbecome confused.
exemption gives you a major tax4. Not paying taxes on winnings. It is
deduction, and some taxpayers can'tnecessary to report all gambling
resist the temptation to report morewinnings, including winnings from
exemptions than they're entitled.lotteries, casinos and horse races, as
You can only claim exemptions forincome.
yourself, a spouse and for allFor people who are in trouble with the
"dependents." Dependents have to meetIRS, there are various programs
specific criteria, however, so make sureavailable that can provide debt relief
you follow the IRS guidelines so thatif a taxpayer qualifies. JK Harris helps
you don't mistakenly file an extraits clients determine if they meet the
exemption.requirements for one of these IRS
2. Being unaware of taxes levied forprograms. Its staff includes former IRS
early withdrawal from certain retirementagents, certified public accountants,
plans. If you withdraw from a retirementattorneys, enrolled agents and other
fund such as a 401(k) or IRA beforeexperts that offer tax services,
you're 59 1/2, you may face a 10 percentfinancial planning, small business
federal penalty on your investments, asservices and other assistance.



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