Dallas, TX -- (SBWIRE) -- 03/31/2015 -- Experienced Dallas tax attorney Nick Nemeth recently released an article outlining the tax dependent and exemption facts of which every taxpayer should be aware. The IRS is an agency that has almost unlimited powers. Many taxpayers are not aware of their own rights or the dependents and exemptions they may be legally entitled to. The latest article from Nick Nemeth details various exemption facts, dependent facts, and IRS rules that help taxpayers lower their IRS liability and keep more of their hard earned money. Electronic filing is the fastest and easiest way to file a complete and accurate tax return. Most tax software filing programs have features that will automatically calculate your dependents and exemptions when certain questions are answered.
In the newest publication, tax attorney Nick Nemeth goes over the different dependent rules and exemptions that taxpayers can use to save money on their taxes. Many taxpayers overlook these factors. This causes them to pay more in taxes than they actually owe the government. The tax laws and code are so complex and so long that it can be difficult, if not impossible, for ordinary taxpayers to understand it all. The new article was published to assist taxpayers who do not use a tax professional, are not sure about their dependents and exemptions, or have a dispute with the IRS and need guidance.
The IRS will not automatically apply any exemptions and dependents to the account of a taxpayer unless these are listed on the tax forms filed. According to Nick Nemeth, many taxpayers overpay because they do not know they are eligible for exemptions like a personal exemption and an exemption for almost every dependent claimed. Sometimes a dependent may have to file his or her own tax return. If this is the case, the dependent cannot claim a personal exemption when filing because the exemption was already taken by the taxpayer who claimed the individual as a dependent.
The Law Offices of Nick Nemeth are staffed with experienced legal professionals who advocate for taxpayers on a daily basis. The staff sees taxpayers who fail to claim exemptions and dependents that they are entitled to. Either the taxpayer does not realize these exemptions and dependent declarations are available or out of fear that they may trigger an audit with certain claims. Taxpayers also need to be aware that there is a phase out amount for personal exemptions. This can lower or eliminated the expemtion if the income level of the taxpayer is at or above a specific dollar amount.
One new area of concern for some taxpayers is health insurance coverage. Taxpayers who do not have coverage and do not qualify for a waiver may have to pay a penalty for going without coverage during part or all of the year. Taxpayers also need to be aware that there is a phase out amount for personal exemptions, and this can lower or eliminate the exemption if the income level of the taxpayer is at or above a specific dollar amount.
To learn more about The Law Office of Nick Nemeth, please visit http://www.myirsteam.com
About Nick Nemeth
The Law Offices of Nick Nemeth focus solely on IRS tax problems and one of the most common reasons clients come to Nemeth is for delinquent tax returns.
With over 15 years experience as a lawyer, Nick Nemeth is a best-selling author who focuses on helping both individuals and businesses overcome the stress and devastation of their tax problems. At his boutique tax law firm located in the Dallas/Fort Worth area, solving IRS problems goes beyond saving his clients' money.
The Law Offices of Nick Nemeth
4100 Alpha Rd., Ste 915,
Dallas, TX 75244