It seems as if every year the IRS rolls out a significant amount of changes to the tax seems like 20 to 30 pages of tax changes. This can be extremely frustrating for many parents as many changes affect what can and cannot be claimed on their taxes. This also means that should you accidentally claim something that the newest tax laws do not allow, it could land you in trouble. No one wants to end up paying penalties for not paying taxes because of a confusion about the current state of the tax law. Even worse is the dreaded tax audit. This is why it is important that parents keep up to date on the latest tax news.
Parents who stay up to date on the latest tax news avoid facing a penalty for not filing and they also can avoid becoming a target for a tax audit. There are two ways to stay on top of the latest tax news and information when it comes to what can and cannot be declared on taxes.
First, parents are encouraged to look for tax information on the IRS website. The IRS website offers all the information and guides that you will need to understand the tax laws, including answers to common questions. The website also offer a section that is completely devoted to tax changes. This is the best and most accurate place to get your information on tax changes that have happened.
Second, there are hundreds of tax blogs on the Internet and many offer advice as well as the latest information on any changes in tax laws. It is important to look for a reliable tax blog such as one offered by a tax preparation service or a tax attorney, in order to make sure you get reliable information.