What if I lose my job? Is my unemployment check taxable? Can I afford to take money out of my retirement account? These are just a few of the "What If" questions people are dealing with these days.

The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account. If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, which can mean money in your pocket.

Most importantly, if you believe you may have trouble paying your tax bill, contact the IRS immediately. There are steps the IRS can take to help. To avoid additional penalties, you should always file your tax return on time even if you are unable pay your tax bill.

Here are some "What if" questions that are answered on the official IRS Web site. Simply go to www.irs.gov and type the keywords "What If" in the "Search" box at the top of the page.

• Job Related
What if I lose my job?
What if my income declines?
What if I withdraw money from my IRA?
What if my 401(k) drops in value

• Debt Related
What if I lose my home through foreclosure?
What if I sell my home for a loss?
What if my debt is forgiven?

• Tax Related
What if I can't pay my taxes?
What if I can't pay my installment agreement?
What if I can't resolve my tax problem with the IRS?
What if I need legal representation to help with my tax problem but can't afford it?

Remember. to access the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov

Michael Brewster began his career enlisted in the United States Marine Corps. He then focused on growing businesses throughout the United States, which led him to be admitted to practice before the IRS. Michael has a Bachelor's degree in Business Management and has attended the American Academy of Tax Practice where he focused on Advanced Tax Law and IRS Procedure. Author of The Ultimate Straight Shooters Guide To Negotiating With The IRS To Resolve YOUR Tax Problems!. If you have questions on this or other business / tax topics, contact me at 817-230-4115 or http://www.StressFreeTaxHelp.com

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We all love to pay less tax, but most of us eventually end up paying more and receiving very little tax refund. Probably, the main reason behind this is that our entire focus is mainly on how to manage our tax affairs in an efficient manner. We often tend to overlook the gray areas and the loopholes, which eventually prove to be very costly. Following are the top five ways that will make things much easier on your pocket while you are filing your tax return.

Tax Records
Try to have organized records for tax related issues and keep all the figures are thoroughly updated. Make sure that no deductions have been missed in the record. It will not only reduce your workload at the time of filing the return, but you will also be able to answer all the questions efficiently that IRS may ask. Always remember, if you are unable to explain those questions, you may end up paying additional taxes and penalties.

Entertainment Expenses
If you want to increase your tax refund, you will also have to be very careful about entertainment expenses. You should keep in mind that you cannot claim deductions against entertainment expenses. Therefore, if you do not want to have a tax liability on assessment, you will have to make sure that your employer is knowledgeable about the laws pertaining to entertainment allowances and that all allowances have been taxed in full. However, you may be allowed a 50% deduction on essential entertainment expenses, including business meals.

Medical Expenses
If there are some medical expenses that your medical insurance did not cover, you should keep all the rated statements and invoices so that you could claim a deduction for the same on assessment. If you are serious about increasing your tax refund, you should also keep in mind that even your dental insurance and health insurance premiums might also be considered for deductions up to 7.5% of your overall income. If certain items in medical expenses are non-deductible, the best way to deal with the same is to turn the same into a legitimate business expense.

Travel Expenses
In order to calculate your travel deductions accurately, you must keep detailed mileage report of the distance traveled. For example, if you are working at two places, the cost of traveling form one office to another is considered as deductible. But, if you are working at a single place, the cost of traveling to your office from home will not be deducted. It will be treated as a personal expense. Deductible travel costs may include car rentals, taxis, airfare, hotels, tolls and tips.

Overall, you no more need to be nervous about the tax season. If you keep in mind the above income tax tips, you will definitely be able to take full advantage of all the tax breaks you are eligible for, which will eventually increase the amount of your tax refund.

If you want to learn more on how to maximize your tax refund, do not forget to visit my website for more income tax tips and strategies that always work.

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