Tax Tip: Knowing Your Rights

Fuse/ThinkstockDid you know there's a taxpayer's bill of rights?

Not many of us do, says Charles Stein, a New York certified public accountant.

"They should be more aware," he says. "I think a lot of people are very, very afraid of the IRS and they really shouldn't be. It's not a totally unfair system."

The Internal Revenue Service says every taxpayer has a set of fundamental rights they're entitled to when dealing with the agency.

There are a total of 10 rights, Stein says: "You have the right to be informed. You have the right for quality service, the right to pay no more than the correct amount of tax, the right to challenge the IRS' position and be heard, the right to appeal an IRS decision in an independent forum. The right to finality. The right to privacy, so they can't broadcast things around. The right to confidentiality. The right to retain representation if you need one. The right to fair and just tax system.

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