Even though tax attorneys are dirt expensive, they can deal with legal tax issues that you cannot, on your own. If you are considering hiring a tax lawyer because of a taxation issue, look for an experienced and knowledgeable lawyer who provides you with the best services in town.
Keep moving forward and see how the benefits of hiring a tax attorney weigh more against the hiring cost.
What can an experienced tax attorney do for me?
Due to online tax-filing, most Americans think that filing taxes is pretty easy and straight-forward. However, they fail to realize that the tax code can be complex if you have a taxable estate. In some cases, it becomes important to hire a tax lawyer in order to get a big refund instead of a final notice from the IRS.
But you might be wondering, ‘what can a tax attorney do for me that I cannot?’ Well, here are 5 things that an experienced tax attorney can help you with:
Respond to IRS Collection and Audit notices
If you owe IRS money, the federal government will come calling regardless of where you are in the state. Dealing with interviews, collection, and audit notices held by the IRS to deposit the tax value can be a daunting task, especially if you have a business to run or a work seat to go to.
However, it is possible that the IRS has made a mistake while determining the amount of money you owe to the federal government. It may take a professional and experienced person like a tax attorney to find the error, report, and advocate in the court on your behalf.
Try to keep you away from locked bars
There can be serious penalties on not paying the taxes in a timely manner or for not filing the tax return. Although you cannot go to jail for delayed taxes, you can definitely be imprisoned for not paying them.
If you are accused by the IRS of tax fraud or other legal tax-related crimes, a tax attorney can help you stay away from imprisonment. A tax attorney proves if it was a dishonest filing or an honest mistake from your side.
Navigate and help to understand confusing IRS Documents
As of today, there are more than 2000 IRS publications and forms. Many of these forms and publications are incomprehensible to a layman. You cannot understand what exactly does the publication says unless you hire an experienced tax lawyer who is well-versed with all the tax codes.
From listing arcane deductions like weight loss programs and dental expenses to listing your rights as a taxpayer of the state, a tax attorney can help you navigate the IRS documents easily. To understand the ways IRS collects debts and taxes, you need an expert and professional tax attorney to guide you throughout the IRS tax collection procedures.
Help to set up, launch, or run a business correctly
Regardless of the size of the business you own, you will face tax ramifications. Starting a business has tax consequences and the type of business you run will determine the tax amount you owe to the federal government.
If you have business partners or investors, an experienced tax lawyer can guide you through the tax structures as per your business niche.
If you are forming a non-profit organization, an attorney could also maximize your tax benefits.
Help in Tax Planning
Figuring out the current year’s tax filing is a good sign that you understand the state’s tax codes but what about the potential tax hit next year? There are many ways in which you could lower your tax liability. A good tax attorney can help you find the ways best for you.
The financial sense to hire a tax attorney or not depends on the tax situations you are facing. For instance, if you are accused of tax fraud, hiring a tax attorney is the way out.