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Law & Legal
  1. How to Qualify for a Medicaid Waiver
  2. Six Reasons Someone May Be Placed Under a Guardianship
  3. What Can Be Included in a Will?
  4. How Much Should You Put as a Down Payment on a House?
  5. 3 Assets That Can Fund a Trust
  6. Why You Should Have a Life Insurance Policy
  7. Is Real Estate a Good Financial Investment?
  8. S-Corp vs. C-Corp
  9. 5 Reasons Someone Might Disinherit a Child
  10. Benefits of a Testamentary Trust
  11. Steps on How to Sign Up for Life Insurance
  12. What is the Estate Administration Process?
  13. What Types of Government Benefits are Available for the Elderly?
  14. What is the Job of an Executor?
  15. What is a Simple Estate Plan?
  16. Why You Should Have a Will
  17. 3 Things You Need to Prepare Your Taxes
  18. Tips for Planning an Estate
  19. What is Electronic Notarization?
  20. Are There Requirements to Qualify for Medicaid Home Care?
  21. 3 Benefits of Tax Planning
  22. 3 Things to Know About Retirement Planning
  23. How Does Mental Illness Impact Your Estate Planning Process?
  24. What is a Lawsuit for Wrongful Death?
  25. What is The Tax Code?
  26. Guide to Become a Tax Advisor
  27. Does My Parents' Divorcing Impact My Inheritance?
  28. Guide to Understand When You Should and Shouldn't Buy a Home
  29. 3 Things a CPA Can Help With
  30. Tips to Maximize Your Tax Refund
  31. 3 Reasons You Should Have a Tax Accountant on Retainer
  32. Do Self-Employed Individuals Get Taxed Differently?
  33. What are Unclaimed Funds?
  34. 4 Things to Know About Surrogate's Court
  35. 3 Reasons Having Advance Directives is Important
  36. What are Estate Taxes?
  37. What is The Estate-Tax Exemption?
  38. Who Has to File Taxes?
  39. 3 Reasons You Should Have a Trust Protector
  40. Understanding Spousal Impoverishment
  41. Who Files Taxes For Businesses?
  42. Should I File My Taxes Using Turbo Tax?
  43. 3 Ways to Protect Against Financial Exploitation
  44. Who Qualifies for a Special Needs Trust?
  45. Guide on How to Write Off Business Expenses When Doing Your Taxes
  46. 3 Things Every Small Business Should Know
  47. Why Updating Your Will is Important
  48. What is the Probate Journey?
  49. What Happens if I Don't File My Taxes?
  50. Tax Accountant vs CPA
What is The Tax Code? {{ currentPage ? currentPage.title : "" }}

When you go to a Long Island CPA to do your taxes, they rely on the tax code to understand your individual rights and responsibilities. Tax code refers to the laws and regulations that revolve around federal and state taxation. They come from local and federal government entities and dictate how much you must pay for various tax scenarios.

Understanding Tax Code

You don't have to understand every detail about the tax code. That's why your Long Island CPA is there. But having some familiarity can help you understand your tax responsibilities.

Congress enacted the federal tax code in the United States. It's called the Internal Revenue Code (IRC) and is enforced by the Internal Revenue Service (IRS).

The IRC contains thousands of numbered sections that detail everything from definitions to levies. It outlines rules individual and corporate taxpayers must follow, including current tax brackets, deductions, filing status information, etc.

Most normal taxpayers don't have the knowledge or experience to research all the complexities of the federal tax code. Fortunately, the IRS makes it easier to complete and file your returns regardless of your understanding of the tax code.

The IRS also publishes resources that outline rules and regulations in plain language. You can easily find resources that cover your unique tax situation, such as what you must pay when selling a home. There are also resources for organizations like small businesses and charities.

Why You Should Go to a CPA

With thousands of sections full of unique codes, navigating tax season alone can be overwhelming. While you can use tax preparation software to simplify the process, many of those tools don't dig deep into the tax code to cover your distinct situation.

CPAs have a much deeper understanding of the tax code and can use their knowledge to help you file accurately. Furthermore, they will take time to learn about your situation and possibly find ways to reduce your taxable income. With so many rules around estate taxes, investments, property sales and more, it pays to have a professional on your side.

Author Resource:-

Mark writes often about tax and estate planning. His articles may include topics like tax planning, estate planning, business accounting or any other tax service to help the people in needs. You can find his thoughts at tax planning blog.

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