Why You Should Work With A Tax Attorney If You Own A Business
- June 2, 2019
- Posted by: asal
- Category: Tax Resolution
Do you own a business? If the answer is yes, you are probably looking for ways to reduce costs. Many business owners think they are saving money by not hiring a tax attorney. However, not hiring a tax attorney can get you in big trouble as a business owner. Because tax law continues to change, if you aren’t a tax professional, it becomes hard to understand. When preparing for your taxes as a business owner, it’s essential to work with a tax attorney.
A tax attorney will be the one person on your side who knows tax code in and out. Even if you attempt to prepare your taxes, you’re more likely to make mistakes. Making mistakes on your taxes could lead to audit notices. Once you receive a notification for an audit, your tax situation becomes more critical.
When you hire a tax attorney, you not only ensure accurate tax filings, you increase your tax relief options.
Benefits of Hiring A Business Tax Attorney
There are several benefits to hiring a business tax attorney.
Working with a Tax Attorney saves you time
First of all, working with a tax attorney saves you time. Planning and preparing for tax season is very time-consuming. It’s slow because there are several tax obligations that you need to tend to while preparing taxes. Therefore, you should start preparing for taxes ahead of time. To accomplish this, business tax attorneys become a necessity. A business tax attorney will look after your taxes, so you can get back to running your business. You might save money by not hiring a tax attorney. However, leaving taxes to a tax attorney saves you more time that you can devote to growing your business.
Tax Attorneys help you with state taxes
Apart from federal taxes, you also need to pay state taxes as a business owner. Paying state taxes becomes especially essential when you’re expanding your business into other states. Some states may not require you to pay taxes, but there are some requirements. A tax attorney will be knowledgeable in the tax requirements for each state. Avoid having to pay back taxes later by paying necessary taxes upfront. A tax attorney can clearly define where and when you’ll have to pay taxes.
In case you need to pay taxes, your tax attorney will clarify how much you need to pay. A tax attorney can also advise you on which tax credits are available to you. The tax code can be challenging to understand, especially outside of your state. A tax attorney can help clear up any confusion regarding tax code.
Hiring a tax attorney when you’re self-employed
If you’re self-employed, you’ll need to pay taxes on your employee earnings. Often, employee earnings are not easy to calculate. If you have professional support from a tax attorney, you can expect accurate calculations for tax returns. A tax attorney will know the ins and outs and tax law and is aware of recent changes.
Working with a business tax attorney can save you money
To save money, you should be aware of tax credits, tax relief, and deductions for which you are eligible. Being aware of these options when filing taxes as a business owner is what saves you money. When filing taxes alone, you might not know which tax credits or tax relief options for which you’re eligible. Tax attorneys are very much aware of the inner workings of the IRS and are knowledgeable in tax code. So, hiring a business tax attorney would not be a waste of money.
Instead, you’ll be saving money while professionally preparing taxes. When you’re a business owner, you want to focus your time on growing your business. You don’t want to waste time preparing for taxes. Filing and preparing for taxes can be very time-consuming. As a business owner, you should focus on your business and caring for your staff.
An attorney knows taxes and licenses rules
While your accountant can prepare and file your business tax returns each year, a tax attorney is also crucial. A tax attorney knows how to register your business for federal and state ID numbers. Also, a tax attorney understands the tax consequences of basic business transactions.
Questions to ask a business tax attorney
Before you agree to work with a business tax attorney, there are several questions to ask him or her.
- What is your relevant experience? Don’t shy away from asking direct questions about the tax attorney’s background.
- Do you have connections? It’s essential for your tax attorney to be well-connected. If your business has unique needs, your tax attorney can connect you with the right person.
- What other clients in my industry do you work with? You want to make sure your tax attorney is familiar with your industry and its legal environment.
- Are you a good teacher? Make sure your tax attorney will take the time to educate you about the legal environment of your business.
- Is your billing flexible? Most tax attorneys will charge a flat one-time fee. However, you want to make sure the billing schedule works for you.
Speak With A Business Tax Attorney at Platinum Tax Defenders
When you own a business, you want to do whatever you can to keep it growing. Hiring a business tax attorney is the first step to ensuring your business succeeds. Don’t make tax mistakes early on and end up owing back taxes. Back tax debt can cause you to lose your business if you aren’t careful.
Platinum Tax Defenders can also help you prepare for next year’s taxes. The IRS only wants to get what money you owe them in back taxes. When you don’t pay your business taxes, your back tax debt can add up. That’s where a tax relief services company can come in handy. It’s imperative that you work with a tax attorney who knows the IRS inside and out. When you hire a tax attorney, you’re only helping your business. Call Platinum Tax Defenders for a free consultation today.