Incomplete Information

The first thing that you need to know is the fact that if you are applying for a tax rebate, you must make sure that you provide all the relevant information so that the officials at the HMRC can be in a position to receive your money. On the other hand, if at all you make the mistake of applying for your money without taking care to make sure that you provide the relevant information, you are likely to have your request turned down, something that will definitely not help you a bit.

Faulty Claims

The second thing causes a lot of claims to bounce is the issue of the faulty claims. Sometimes, people do make claims to the HNRC based on faulty information. This is because they do not know whether or not the actually deserve to get a tax rebate. Under such circumstances, you’ll find that the government agency will have no other option than to deny the claims.

Time Frame

Lastly, you need to take note of the fact that if you want your application to be successful, you must make sure that you make your submission at the right time. There is a limit of time when it comes to how long a potential claim will exists before it becomes stale. The period is currently seven years. So, if you re eligible for a tax rebate, then you need to know that you should make your application early enough. If you do this, you’ll definitely not be disappointed at all. If you fail to take this information into consideration, then you are likely to be very disappointed.

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The United States is one of the few countries in the world that tax the international income of its citizens residing outside its borders. To prevent double taxation, the following provisions are in force to assist its taxpayers residing overseas:

1. Foreign Earned Income Exclusion. This tax break allows an individual to decrease the taxable income by the first $91,500 earned as a result of work or labor as a resident in a foreign country. It is presumed that this income is already taxed in the country where the citizen is residing;

2. Foreign Tax Credit. This provision allows the lowering of the citizen’s payable tax bill on the remaining income under certain schedules that have already been paid to a foreign government;

3. Foreign Housing Exclusion. This allows the exclusion from taxable income amounts paid for household expenses that are incurred as a consequence of living abroad. This is especially applicable to citizen’s seconded or assigned to work in a foreign country;

When the US citizen is residing in Argentina, the following are the tax rates applied to income earned or accrued in the country:

a. For 0 to 10,000 pesos, the tax rate applicable is 9%;

b. For 10,001 to 20,000 pesos, it is at 900 pesos plus 14%;

c. For 20,001 to 30,000 pesos, it is at 2,300 pesos plus 19%;

d. For 30,001 to 60,000 pesos, it is set at 4,200 pesos plus 23%;

e. For 60,001 to 90,000 pesos, it is at 11,100 pesos plus 27%;

f. For 90,001 to 120,000 pesos, it is at 19,200 pesos plus 31%;

g. For income above 120,000 pesos, it is at 28,500 plus 35%;

The plus percentage tax rate applies to income above the floor rate multiplied by the indicated rate of tax. There are also a few other exclusions, which are as follows:

1. Capital gains resulting from sales of non-income or investment assets are not included in the determination of capital gains taxes;

2. Interest, dividends, rentals and royalty incomes are included under earned income and thus the above schedule indicated is applicable.

Taxes for income for employees are deducted at source in Argentina. This means the employer deducts the taxes and remits the same to the government for and on behalf of the employee, regardless of nationality.

Bobby Castro is the online editor at Gringos, where he has published a number of articles about Argentina news for expats and many other topics.

Keeping Records

Everyone must keep relevant records especially financial receipts and documents. The records will save you from future confrontation with any financial organization especially with the IRS. Likewise when preparing your tax return, you will need to browse over your financial statement to check for accuracy of figures. Unintentional miscalculation of finances is still an invitation for an IRS audit. To avoid IRS problems, make sure to organize the documents for easy retrieval when needed.

Report All Your Income

Honest declaration of income is the best policy when filing a tax return. Not reporting your income is a red flag for an IRS audit. Similarly income statement with rounded numbers will subject you for an audit. It will be the start of a very daunting process of dealing with IRS problems. Honesty will save you though.

E-file Tax Returns

Millions of taxpayers have filed their tax returns electronically. This is the fastest and safest way to file a return. Unintentional human errors are avoided since applications of forms are done through electronic means. Thus potential IRS problems are avoided.

Seek Legal Counsel

When you are in doubt of the accuracy of your financial statement, it is best to seek help from a tax attorney. Tax lawyers are legal professionals who attain expertise on taxation. These lawyers are also capable of giving you advices on financial matters so as to avoid IRS problems.

Do Not Overdo Tax Avoidance

Even though tax avoidance is a legal way to deduct significant amount from due taxes, it must not be done drastically. When you are financing a charity organization, make sure that your tax deduction is legitimate. Also avoid hiding income offshore (hiding money in overseas accounts.) When you get caught by the authorities, you’re doomed to face IRS problems.

If Called for an IRS Audit

Once you have received a mail from the IRS requesting for an audit, do not ever ignore the message. Ignorance will only bring you more IRS problems. Act immediately and start reviewing your financial statements. It is also recommended to consult a good tax attorney. The lawyer will lay down all your options when dealing with the IRS agents.

File Tax Return on Time

Even if you don’t have the money to pay your debt yet, it is still highly recommended to file your return prior to the deadline. Failure to file penalty is much more severe than failure to pay penalty.

Bear in mind the extent of what the IRS can possible do. By following the simple tips above you will positively spare yourself from being financially harassed by Uncle Sam. Once you make the wrong turn you’ll probably see a red flag down the road inviting you for an IRS audit.

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You cannot escape IRS problems and penalties but the IRS may consider your failure to file excuse. Here are some of the acceptable excuses to the IRS:

Natural Disasters

Fire and other natural disturbances may be a considerable excuse for not filing your tax return. However, the IRS clears out that not all cases can be applicable to failure to file excuse. The IRS will further investigate your capacity to pay prior to the occurrence of the calamity. Then they will decide whether you have a plausible reason or not. Otherwise you will be facing IRS problems with no escape at all.

Unavailability of Records

Sometimes, the IRS will considerably pardon individuals who claim failure to avail the necessary records like tax preparer withholding records from the tax filer, etc. The exemption varies from case to case basis. However, you must still prove your case to the IRS so as not to aggravate your tax problems.

Ignorance of the Law

While taxpayers are obliged to learn about the laws of taxation, the IRS may still consider ignorance of law as a reasonable excuse for failure to file tax return on time. However, the IRS will examine the incapacity of the individual to know about taxes. Only by then that the taxpayer will be free from facing IRS problems but is still required to pay due taxes.

Incorrect Advice from Tax Professional or IRS Agent

True, nobody’s perfect. Even the tax professionals commit unlikely mistakes enabling taxpayers to face IRS problems. Incorrect advice from professionals may be an acceptable excuse to the IRS. But then again, you have to sensibly prove your case.

Death, Serious Illness, Unavoidable Circumstances

Death or serious illness of the taxpayer or the taxpayer’s immediate family may be considered by the IRS. With death and physical incapacity of the taxpayer, the person in-charged of his estate is required to explain to the IRS the specific reasons that prevented the taxpayer from filing taxes on time (prior to death and illness).

Even if you provide a reasonable cause for not failing tax returns it doesn’t necessarily mean that you’re free from IRS problems. In fact, you are still penalized by law. However, if you are truly facing financial crisis, you may request for an installment payment by completing Form 9465. When the IRS grants you the request, you may bargain on monthly payment that is feasible to you. The grant will also prevent the IRS from interfering with your assets, wages and bank accounts.

Everyone will encounter IRS problems at least once in their lifetime. When you evade payments for selfish cause you have to deal with the daunting IRS problems. You have to deal with the harshness negotiation with the IRS and expect swelling penalties and interests on your account. If you are found guilty of tax evasion, you are likely to spend years in prison- counting each year of non-filing. Also you will be fined up to $25,000 for each year that you missed filing tax returns.

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Withholding Information

For you it might just be convenient to drop off one minute source of income because you don’t have proper documentation or you forgot the last amount of earnings you got from it. So you don’t include it in the appropriate tax form. To the IRS, this could easily mean you’re cheating, and you need to be investigated.

Withholding information is a big no-no. Most people withhold information intentionally, and if you’re ever suspected of this act, whether you did it intentionally or not won’t matter.

Not Providing Enough Information

A lesser tax evil from withholding information is not providing enough of it. Never leave out even the smallest detail. Always know what parts of your tax forms to fill out and fill them out completely.

Tax problems can easily arise from not providing enough information. An IRS employee double checking your paperwork could spot a missing detail that to you would be borderline unimportant, but to the IRS, could be something worth getting yourself a Dallas tax attorney for.

Late Filing

Hand in hand with not providing enough information is the late filing of information. Don’t miss your deadlines. You might be too swamped with work or too tired by the time you get home, but filling out required tax forms is inescapable. Find a way to make some time for your taxes.

People get into IRS problems simply because they ignore notices and the like. They don’t even owe the IRS anything, but they do get into a scuffle with them over ignoring or neglecting notices. Don’t file late and avoid these notices, and of course take the time to read each notice that finds its way to your doorstep. It could save you from a lot of tax problems and the need to hire Dallas tax lawyers just to get you out of them.

Rounding Up or Estimating

When people indicate their income amounts in the tedious tax forms they are required to fill out, sometimes the ennui just gets to them. If they can’t recall actual amounts or don’t have the necessary documents which would tell them, they simply estimate and round the number up to the nearest zero. Well, too many zeroes isn’t a good thing.

In the past human error on the part of the IRS could account for many discrepancies going unnoticed, but today, computers do most of the work-and they don’t get bored. Too many rounded up numbers in your forms would raise a red flag with IRS computers, which would then signal for an audit; or at least an employee to double check the amounts.

What we nonchalantly do with our tax and tax forms the IRS might not take so offhandedly-and for good reason. Beyond providing all required details with supporting documents in full and on time, we really need to put forth earnest effort in doing everything with meticulous care and due attention. Otherwise, we’ll have IRS problems in our hands.

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