Whether you’re starting a business or find yourself struggling with your current one, there is no doubt that it’s difficult to stay on top of your accounting with all the changes that get made to our tax regulations. It’s not as though the government informs you of every single change; it’s up to the business owner to stay on top of all changes and ensure they are following policies. This can be a lot of work when you’re already spending your days and evenings striving to keep your business successful and growing. There may be a time when it’s a good idea to get advice from a tax attorney, and I’ve put together 5 signs that mean you need to hire a tax attorney:
- When You’re Starting a Business
This may seem like the easy answer, but you’d be surprised how many entrepreneurs skip this step when opening their new business. It’s a good idea to get familiar with the tax issues and implications regarding your specific business entities, as they may vary. A tax attorney will be able to give you all that information, as well as how it will affect you as the business owner. The attorney will also have great insight as to how to manage taxes when it comes to employees; consequences of withholding taxes, information on tax returns, and a general understanding of your tax responsibilities.
- If You’re Planning Your Estate
Planning your estate can get complicated and messy. You’re going to be dealing with a lot of people in the process and getting one person to help with the whole picture is going to save you a whole lot of headache and error. A tax attorney can help compile the proper documentation and help you and your loved ones or others prepare for this complex tax process. Whether it involves compiling a will, placing assets in trusts or any other decisions; tax attorneys are well versed in this process and can help you (and your loved ones) every step of the way.
- If You’re Late Filing Your Taxes
If you have found yourself in this situation, call a tax attorney immediately; the longer you wait, the worse the situation gets. It’s easy to think out of sight out of mind, but don’t be fooled; taxes always catch up with you and it’s in your best interest to deal with any issues now before you’re heading into a tax court litigation. Tax attorneys can contact the government on your behalf and make sure processes are dealt with fairly and professionally. Once taxes are filed, you may find yourself in debt with the government and a tax attorney can help you navigate debt repayment and make negotiations on your behalf.
- If You’re Buying an Income Property
Buying an income property is a great investment and can be well worth the hassle, but the taxes can get quite detailed. It’s a good idea to get a tax attorney on board to help you navigate the complicated tax responsibilities put on you during the process. There are a lot of variables involved and a lot of room for error; a tax attorney will help prepare you for those details as well as get the proper documentation together for you to make this a positive investment, rather than a messy one.
- If You Are Faced with an Audit
This is every business owner’s nightmare and for good reason. Without the proper help in place, the government will come into your offices and completely devour every single receipt, looking for any errors in documentation or reporting. Your best bet is to call a tax attorney as soon as you get notified of the audit. This process is long, daunting, and tedious; the complications will require a professional, at the very least. Not only can the tax attorney represent you during the audit, but they may also even be able to prevent harsh actions being taken such as bank levies, asset seizures, or wage garnishment. They will also offer you future advice to prevent issues in the future. If you ever get a tax attorney, this is when you’ll need one; the sooner you get them involved in the process, the better the outcome will be for you and your business.
Tax reporting and regulations are not something to mess around with. You really need to educate yourself and have an experienced and professional team built in order to tackle any possible issues that may arise. Starting your business, planning your estate, or buying an income property are all beginnings that could you the keen eye of a tax attorney; but being late on your taxes or getting audited are areas where their expertise is crucial and necessary to save your business.