Top Tax Deductions You Might Be Missing – Act Now

The Internal Revenue Code governs federal income taxes in the U.S., requiring annual filing by individuals and corporations

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Failure to file taxes on time may result in penalties under Section 6651(a) of the Internal Revenue Code

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The IRS allows deductions for student loan interest, medical expenses, and charitable donations under specific conditions

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Tax evasion is a federal crime under 26 U.S.C. § 7201, punishable by fines and up to 5 years of imprisonment

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Small businesses must comply with payroll tax laws or face penalties under the Federal Insurance Contributions Act (FICA)

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Capital gains tax rates vary depending on income brackets, as defined by the Tax Cuts and Jobs Act of 2017

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U.S. taxpayers can dispute IRS decisions by filing a case in the U.S. Tax Court under its statutory jurisdiction

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Filing for tax extensions under Form 4868 allows additional time to file returns but not to pay taxes owed

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Double taxation treaties prevent U.S. citizens from being taxed twice on the same income in international scenarios

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The Foreign Account Tax Compliance Act (FATCA) enforces reporting of foreign financial assets to the IRS

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Tax professionals must comply with ethical standards outlined in Circular 230, enforced by the IRS Office of Professional Responsibility

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