Tax Law Blog | IRS Tax Attorneys

Many people discover that too much tax has been paid when they complete the required information or tax return. For example, when you complete your personal income tax return - after taking into account the available exclusions, exemptions, deductions and credits - you may discover that more tax has been paid than what was due to the government. On the tax return, there is a place for you to tell the government that you want a refund of the excess tax that they collected. After reviewing the return, if the government agrees that too much tax was paid, the government will cut a check for the excess and send this check to you.

In general, a claim for credit or refund of an overpayment of tax must be filed within 3 years from the time the tax return was filed or 2 years from the time the tax was paid (whichever is later). If no return was filed, the claim must be made within 2 years form the time the tax was paid. There are longer periods with respect to net operating loss, capital loss carrybacks, bad debts and worthless securities.

If you believe that too much tax has been collected from you, don’t sleep on your rights - file a claim or a credit or refund today.
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If you need a Chicago Tax Lawyer Contact Horowitz & Weinstein Today.

You should create a plan for how you will pay off your tax debts, if any. You also need to plan on how to protect yourself from an IRS investigation, assessment, levy, or lien. Fortunately, it is very easy to do this, but it requires patience, good judgment, the ability to talk courteously with the IRS, and the advice of a competent, experienced professional. Your plan of action may be as simple as setting up a monthly payment plan, or writing a check for the full amount. But you need to have a plan, because ignoring the IRS can get you into big trouble real fast.
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