How Do Small Businesses Benefit from Tax Attorneys?
- August 7, 2019
- Posted by: asal
- Category: Tax Resolution
If you own and manage your own business, you have to be in control of every detail. One of the business items you must be on top of is filing and paying your businesses’ taxes on time. However, sometimes, you may find yourself overwhelmed by the task of paying your businesses’ taxes. If you’re feeling overwhelmed by your company’s tax obligations, you may want to hire an IRS tax attorney. Tax attorneys can help small business owners with several critical and timely tax-related issues. Read on for ways a tax attorney can benefit you as a small business owner.
Tax Attorneys Can Ensure You Pay Back Taxes When They’re Due
One of the obvious benefits of hiring a tax attorney for your business is paying back taxes. Tax attorneys will make sure you know when to pay taxes as they come due. The amount of taxes you owe the IRS depends on factors such as the size and location of your business. You may even have to pay employment taxes every quarter, even if you don’t have employees. A tax attorney can advise you on how to file and pay federal and state taxes properly. Additionally, tax lawyers can inform you on taxes that are charged by the city, county, or municipality in which your business resides. A tax attorney will know what tax documents to use and file, and what verification will be needed.
Tax Attorneys Help you Know when To Pay Taxes
Another benefit of hiring a tax attorney is that they know when to file and pay taxes. You may owe taxes, or the IRS may allow you to pay annually. Tax attorneys know what the deadlines are for filing and may help you obtain a necessary extension.
Avoid Penalties and Interest with a Tax Attorney
It’s crucial to file an extension for your business if you want to avoid costly IRS penalties and interest. If you don’t file on time, you could delay the processing of your taxes. A delay in filing or paying back taxes could lead to fines, penalties, and additional interest. When you work with an IRS tax attorney, you get necessary help with filing on time. Your tax attorney can also act as your liaison between you and the IRS. A tax lawyer can answer letters and phone calls from the IRS. Additionally, tax attorneys can handle any tax disagreements that arise that could lead to fines or penalties.
What is the best type of structure for your small business?
If your business is new or in the middle of a reorganization, tax attorneys can help you with structure. Deciding which business structure to use may be confusing. It’s possible you don’t even know what your options are. However, tax attorneys know what business structures may be available to you. Tax attorneys will also know what business structure will work in your best interest. Some of the most common business structure choices include:
– Multiple-owner business
– Single-owner business
The business structure you choose should reflect its function and design. Your chosen structure should also strategically work to your advantage when it comes to filing and paying back taxes. A tax attorney can set up your business so that it sets you up for a positive financial future.
Tax Attorneys can Handle Business Contracts
IRS tax attorneys can be a valuable ally when it comes to handling contracts for your business. If you want to negotiate new contracts for your company, a tax attorney can review them. Tax attorneys can ensure you avoid taking on any undue expenses. Similarly, if you plan to renew any business contracts, a tax attorney can look them over before you sign. The assistance of a tax attorney can help you avoid taking on a tax burden you can’t afford. Help from a tax attorney is also useful if you plan to acquire or sell a business. Your tax attorney will make sure your tax burden is as low as possible. A tax lawyer will make sure you avoid taking on a tax debt that legally belongs to the other party.
Help with Tax Deductions and Exemptions
An experienced tax attorney will know for which tax deductions and exemptions your business qualifies. As a business owner, there are many tax deductions and exemptions you can claim. However, you might not be sure what they are and how to claim them on your tax return. Your tax lawyer can determine what exemptions and deductions you can request and make sure you utilize them. Some expenses you may be able to deduce on taxes include:
– Equipment purchases
– Home office deductions
– Company-related travel
– Employee benefits
Additionally, your tax attorney will make sure you don’t claim expenses such as:
– Traffic tickets
– Home telephone line
– Costs of business clothing (the exception being a required uniform)
– Personal expenses
– Expenses used to figure out the cost of goods sold
You are not legally allowed to claim the above deductions. A tax attorney will make sure you omit these claims from your tax returns.
Tax Attorneys know the Latest Tax Codes
A tax attorney is also up to date on the latest tax laws and how they apply to your specific business. Understanding tax code on your own can be complicated. Your tax attorney will know what the codes are and how they pertain to your personal tax filing situation. A tax attorney can use those laws to your advantage and help you find legal loopholes. You don’t have to read up on the tax codes when you work with a tax attorney.
Are you a business owner looking for a tax attorney? Call Platinum Tax Defenders today
Filing your business’ taxes can be complicated. Don’t run the risk of delaying or avoiding filing back taxes as a business owner. By hiring a tax attorney, you can get them filed promptly and use tax codes to your advantage. Hire a tax attorney today to represent your business. Platinum Tax Defenders works with an esteemed group of tax attorneys and x-IRS tax attorneys. We have been in business for over 18 years and have handled a variety of tax cases like yours. Call us today for a free consultation.