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Right to Pay No More than the Correct Amount of Tax

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What is My ‘Right to Pay No More Than The Correct Amount of Tax?’

The Taxpayer Bill of Rights outlines the 10 fundamental rights that taxpayers have while dealing with the IRS. The IRS wants taxpayers to be aware of their rights in case they need to engage with it to resolve a personal tax issue. The IRS continues to make public mention of these rights for taxpayers. The Right to Pay No More Than The Correct Amount of Tax is the 3rd on the Taxpayer Bill of Rights and is just as crucial as the rest.

It’s bad enough that a handful of American taxpayers do not or cannot settle their tax debts, with some even facing the threat of property seizure. Without this right, taxpayers cannot properly comply with IRS laws if they do not have a basis of the tax they’re supposed to pay within a certain period of time.

The IRS must appropriately apply all tax payments, and taxpayers have the right to pay only the amount of tax that is lawfully due, including interest and penalties. There are particular deadlines by which you must submit your claim for a refund if you feel that you have overpaid your taxes.

Quick Fact

When you overpay taxes, the following outcomes can occur:

  1.  Refund Issuance
  2.  Application to Future Taxes
  3.  Requesting a Refund
  4.  Interest on Overpayment

When Should I Call for Expert Help?

There are times when you would have to communicate with the IRS if you overpaid or underpaid your taxes. There are also situations where the taxpayer encounters errors on their notices or letters sent by the IRS. If any amount owed exceeds the legal minimum, was calculated by the IRS beyond the deadline specified by law, was made in error, or was otherwise unlawfully assessed, you may ask that it be canceled.

Don’t know how to go about dealing with the IRS? Schedule a FREE consultation with us now at  800-493-8308.

Frequently Asked Questions: Right to Challenge the IRS’s Position and Be Heard?

There are some situations where you can receive interest on overpayment. However, this may only be applicable for an extended period of time.

You have the option to offset excess payment against any future tax liabilities.

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