What Are Tax Relief Provisions?

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Tax relief provisions can include increasing deductions that are available to affected taxpayers, and they may relax other requirements. Learn about the relationship of tax relief provisions to natural disasters with information from an independent CPA in this free video on tax relief provisions.

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Video Transcript

My name is Miranda Chook and I'm a CPA. There are a couple of different definitions for tax relief. One of these has to do with natural disasters. When you watch the news you may hear them refer to a federally declared disaster. Now this has some significance because it allows federal agencies such as the IRS to consider certain provisions of relief for taxpayers. Now this can include increasing deductions that are available to the affected taxpayers. It can increase the eligibility of who can take advantage of certain types of deductions and they may relax other requirements. Now another use for the term tax relief may have to do with something you may have heard on the TV or radio or Internet with companies promising to get your tax liability down so that you're only paying pennies on the dollar. So be careful about these. I mean if you're looking for an experienced financial adviser, you are looking for someone who can help you interpret the tax code as it related to your individual circumstances. So request a free consultation or interview and don't be afraid to ask questions of that person, that company, as they're interviewing you. Find out how they're going to charge you. Is it hourly? Is it flat fee? Make sure they're an expert in the field you need them to be an expert in. Just because someone's good in the so called tax field doesn't necessarily mean they're good in the area of taxes that you're having a problem with. And of course don't forget that you can deal with the IRS directly as well. So for more information on how this affects your specific circumstances, contact the IRS or carefully select a financial adviser that's experienced in the area that is relevant to you.

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