IRS Instructions as Clear as Mud, Even to the IRS

Tax time is just around the corner and that means it will be time once again to comb through all the jargon that is IRS tax forms. Many taxpayers have long bemoaned tax forms and instructions as just plain confusing and in some cases, downright sinister. However, even though filing taxes on your own accord can be a risky proposition, as long as you stick to the code and follow the IRS’s instructions carefully and exactly, you should be OK, right? Well, not necessarily.

What? How could that possibly be true? The fact is tax instructions don’t actually fall under the tax law. So, in reality, you could even follow the instructions on a tax form with exactness and still end up with an error. Of course, the IRS would understand if that happened to you, right? Well, not exactly. Many taxpayers have used this argument to no avail. In most instances, the courts side with the IRS and rarely hold the agency to what is written in its forms and instructions.

That’s because, unfortunately, according to legal precedence, the only things that hold up in court as tax law are regulations, official statutes and judicial decisions. That means even if you fill out your tax forms incorrectly and it’s the IRS’s fault, you will still be held accountable for those mistakes. It doesn’t seem fair that the IRS is ultimately not responsible to write correct instructions, but nevertheless when it comes to the IRS there isn’t too much that does seem fair.

Posted in
European Union Going After Tax Deals in the Netherlands

European Union Going After Tax Deals in the Netherlands

European Union Going After Tax Deals in the Netherlands The list of international tax havens is long and each country has it’s own benefits. However, no matter which country people or businesses choose to partner with in an effort to save on their tax bill, that effort is getting harder every day. It seems that…

Make Charitable Donations Easy During Retirement

Make Charitable Donations Easy During Retirement

Can you make charitable donations easy during retirement? A lot of people, especially many ultra wealthy individuals and couples, enjoy sharing their fortunes with charitable causes. In fact, some of the biggest donors in the United States are also some of the country’s wealthiest individuals, including Bill and Melinda Gates (Microsoft), Warren Buffet (Berkshire Hathaway) and…

Wondering What to Do With Your Capital Losses – Try These Ideas

Wondering What to Do With Your Capital Losses – Try These Ideas

Wondering what to do with your capital losses; why not try these ideas?  It was just days before Christmas and all through the land investors were scrambling to get the upper hand. Cries of “buy here” and “sell there” were heard throughout Wall Street, while every stockholder was busy trying to stay on his/her feet.…

Motivation; Lifestyle and Financial Management

Finding the True Power of Motivation

Is Motivation Aptitude Superior to Scholastic Aptitude? This article has been updated since originally posted.  What does it mean to be truly motivated and how far can being motivated really push a person? The saying goes, “where there’s a will there’s a way”, and in so many instances that mantra has proven correct, even things…