High-income earners can reduce their tax burden and improve financial outcomes by proactively planning before the year ends.

The IRS sends various types of notices for reasons like missing income, incorrect calculations, identity verification, or outstanding balances. Understanding the notice type and responding promptly can help avoid penalties and keep your tax record in good standing.

A tax transcript is a summary of your tax return or account history from the IRS. It can be useful when applying for loans, verifying income, resolving tax issues, or amending past returns.

There are several types of transcripts:

Return Transcript, Account Transcript, Record of Account, Wage and Income Transcript

You should consider filing an amended return if you discover any of the following after submitting your original return:

Errors or Omissions

Changes in Filing Status.

Adjustments to Credits or Deductions

Reporting Additional Income

Foreign Tax Credit Changes