Tax Law Terms You Should Know
Tax season can be a very stressful time for a number of individuals and business owners across the nation. A large number of tax returns sent to the IRS have some sort of mistake or problem on them. Unfortunately, these mistakes can turn into a nightmare for you or your business in the form of audits or back taxes.
Many of these mistakes stem from the fact that tax law can be a very difficult subject to understand. Fortunately, you don’t have to go through it alone or try to understand the many intricacies of this area of law. The tax relief attorneys at the Tax Relief Law Center can help you understand your case and potentially achieve tax relief.
Common Tax Law Terms
Tax law can be very confusing, especially if you have never had any background or education in the subject. Some common tax terms that are helpful to know, however, include:
- Audit – A review or examination of an individual’s or business’s finances looking for some form of fraud or inaccuracy.
- Child tax credit – A tax credit to parents with children under the age of 17
- Deduction – An amount of money that is legally subtracted from one’s total income in order to decrease the amount of income tax he or she has to pay.
- Employer identification number – Also known as a Federal Tax Identification Number and is used by employers, sole proprietors, limited liability companies, corporations, and other business owners to identify tax accounts.
These are only a few of the many terms you may run across when working through your taxes or any tax action that has been taken against you. If you have any questions about the above terms or with anything else regarding tax law, get in touch with an attorney today.
At the Tax Relief Law Center, our tax lawyers are dedicated to helping you with your legal needs when you are facing tax-related problems. To learn more about your options and to discuss your case with us, please fill out the form at the top of this page and we will get in touch with you as soon as possible.