If you’ve invested time in your business and have had some measure of success, there’s a good chance that you’ll owe taxes. At the very least, there are many nuances regarding your situation you’ll need to address.
When it comes to the tax code, you have many opportunities to reduce taxes owed, maximize deductions, and file correctly. But things can get complicated.
Are you wondering if you need a tax lawyer? If you’ve run into one or more of these common signs of trouble, you should seriously consider it.
Advantages of Hire a Tax Lawyer
1. You’re Planning to Start a Business
You should seriously consider hiring a lawyer if you have any doubts or uncertainties about where to start. Tax lawyers can provide advice on the best legal and financial structure for your business. They can help you understand deductions and filing requirements.
Other signs also include if you need help with the complicated paperwork associated with incorporation. They can also help with any questions pertaining to tax exemptions. Navigating the rules and regulations of the tax law can be overwhelming.
2. Inheritance Issues
You must hire a tax lawyer for inheritance purposes if you have received a letter from the IRS concerning inheritance taxes or issues. This is true if you have received an inheritance from an estate and do not understand the tax ramifications.
If you are the executor of an estate and are unsure what kind of taxes are owed or how to pay them. Inheritance tax can be tricky, so it is important to have someone on your side who understands them completely.
3. You’re Dealing With a Tax Dispute
When dealing with a tax dispute, it’s important to recognize when it’s time to involve a tax lawyer. A few signs that you need to bring a lawyer into the picture might include receiving a notice from the IRS, or state or local tax agency indicating an audit.
It can also include having an unresolved issue with the IRS after multiple attempts to resolve it on your own. If you have a high-value dispute, you may need to think about hiring an attorney.
4. You Cannot Pay Your Tax
If the IRS is proposing a tax levy on your assets, this can be a sign that you need a tax lawyer. Similarly, you may need to seek advice from a tax attorney if you have received an IRS audit notice or if the collection period has been extended multiple times.
If the IRS denies your payment plan or proposes an unfairly large payment, consulting a tax lawyer can be beneficial. If you are unable to produce proof of all your income and need to make an offer to the IRS, you may need to talk to a tax lawyer.
5. You’ve Been Charged With A Crime
If the prosecution is making allegations with regard to your taxes, a tax lawyer can be your best asset for navigating the legal labyrinth.
Since tax crimes generally involve complex statutes, regulations, and forms, having an experienced attorney on your side could make the difference between a successful defense and an unfavorable plea agreement.
Hire a Reputable Tax Lawyer Today
Hiring a tax lawyer can help individuals and businesses with their tax-related issues. They are knowledgeable and experienced in the field of taxation.
A tax attorney can provide invaluable advice in the handling of any tax-related issues. Contact the nearest attorney today and discover the benefits of having a tax lawyer on your side.
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