Tax law
The Nazis took power in 1933 and Hattingen was not spared. Opponents of the regime were harassed, repressed and even murdered. Jewish businesses were closed down and the so-called “Reichskristallnacht” in November of 1938 resulted in the scavenging of jewish homes and property. Steuerberatung Hattingen gained several privileges from Count von der Mark throughout the years, but it was not until the end of WWI that it officially became a city. From then on, a lot of changes occurred in the community.
Tax planning
Tax planning is the process of analyzing your financial situation and creating a plan that minimizes your tax liability. It can help you avoid legal penalties, save for your children’s education, save money for retirement and grow your business. It can also help you make smart investments that will outpace inflation and expenses.
Tax planning involves taking advantage of tax deductions and credits to reduce your taxable income. Tax deductions are specific expenses that can be subtracted from your taxable income, and tax credits are dollar-for-dollar reductions in your taxes. Both of these can significantly reduce your tax bill.
Tax planning is not illegal, but it is important to understand what it entails. It can help you avoid legal pitfalls, and can also be beneficial for individuals with large estates. It allows you to manage your finances and gain full control of your payment arrangements. Moreover, it ensures that your taxes are paid according to the laws of the land.
Tax audits
Despite the popular myth that tax audits are common occurrences, only about one percent of returns are audited. However, your odds of being audited will increase if you report high levels of income or claim a lot of deductions.
The IRS uses a computerized system to identify returns for examination. This system compares your return to others of similar filing status and income sources. It also takes into account a number of deductions and credits that you might be claiming.
If you are being audited, it is important to stay calm and respond only with the information requested. If you are not able to provide the information required, you have the right to representation by an authorized representative or to appeal any disagreements. It’s also a good idea to keep your paperwork organized, journal receipts for major purchases and make copies of all documents that are sent to the IRS. This will help you avoid mishandling or losing documents during an audit.
