We all know that taxes are unavoidable, and even the thought of doing your own income taxes sends chills down your spine. However, just like with anything in life, you don’t need to do them on your own if you feel like you are not ready for the occasion, and sometimes it’s worth it to get help from someone who knows what they’re doing and can do it better.
For that reason, if you ever find yourself in a troublesome tax situation, perhaps it’s time to get some help from a tax attorney. However, finding a trustworthy tax attorney can be difficult. So, if you don’t know anything about tax law and the potential unpleasantries you may face in the legal process that’s above your head, you should always go with a highly educated and skilled tax attorney from your area that comes from a reputable law firm such as Mockensturm Limited to get the best advice and legal protection. After all, nobody wants to go into high-stakes legal proceedings unprepared.
With no further ado, let’s take a look at all of the ways a good tax attorney can help you with your income taxes and all the benefits of hiring one.
Starting, buying, or selling a business is a significant financial investment, and tax concerns can occur at any time along the process. While business lawyers may be familiar with the subject, using the professional services of tax law offices such as Ken R. Ashworth & Associates can help you guarantee that you are fully compliant with federal and state tax regulations in order to avoid penalties.
Many hats are worn by business owners, and knowing the ins and outs of business tax law can take a long time. As a result, hiring a tax attorney is the best approach to protect yourself and your company from a costly mistake.
If you are alerted that you are being audited, immediately seeking a tax attorney is essential to your financial health. The majority of disputes involve one or more tax returns, but there’s a risk you’ll say or do anything that will cause the investigation to go sour. An attorney can help you:
- Be present during the audit;
- Communicate with the tax department;
- Help in reaching an agreement;
- Ensure that you are not overpaying.
You could be charged with tax evasion or other criminal penalties if you ignore tax agency notifications. A lawyer can either assist you to avoid charges or defend you if they are brought against you.
You may face complicated tax ramifications if you want to leave money to your heirs in your will because estate taxes might eat up a significant portion of the fortune you intend to leave.
A tax attorney can assist you in minimizing the tax burden on your estate. Some tax attorneys focus on estate planning, ensuring that their clients have the most effective method for transferring assets to their heirs.
If you owe the IRS more money than you can afford to pay all at once, you may be able to work out a payment plan to pay your taxes over time. As a result, a tax attorney can help you in negotiating with the IRS to obtain a lower monthly payment while repaying your debt in a timely manner.
Some taxpayers are concerned that their tax debt is so large that they will never be able to pay it off. So, if you are unable to repay your tax debt, a tax attorney can help you in negotiating an offer in compromise with the IRS.
Furthermore, an offer in compromise is when your attorney proposes to the IRS that you pay a portion of your tax bill rather than the full amount. However, you must demonstrate that you are unable to pay your debt in order to make this offer. A tax attorney can assist you in gathering the evidence you’ll need to prove your case.
With that said, the IRS may take further action if tax issues are not addressed, and they can confiscate your salary, deducting a percentage of your pay to cover the debt. In addition, liens on your property can be placed by state and federal tax authorities, indicating that they have a valid entitlement to the property, making it impossible to sell.
Tax collectors can seize your property or bank accounts in extreme cases, which is known as a tax levy. Thereby, it’s a good idea to hire a tax attorney to defend you if any of these actions are done against you.
You might have been wondering what a tax attorney does for you and whether it would be worth the hassle to hire one. The answer is yes. In fact, if you’re concerned about how to report on your income taxes, clearing up any outstanding issues with the IRS, or even if you are just trying to make sense of some complex tax laws that might apply to your situation, you would most certainly benefit from the services of a professional tax attorney.