Mess up on filing your taxes, and you could find yourself in hot water.
Every working American has to file their taxes every year. There’s just no getting around it.
But if you don’t file your taxes properly, not only could you be losing out on potential perks that could save you money, you could also land on the IRS’s hit list.
Your taxes are definitely not something you want to fool around with. Sure, you can always do your own if you’re good with numbers or are even a tax professional yourself.
But you might want to consider working with a tax attorney and accountant. They’ll help to make sure you’ve covered your bases and taken advantage of all the tax breaks possible.
Here are just some of the reasons why a tax attorney and accountant should be part of your team of pros.
You’re Just Starting a Business
You might have a fabulous product or service that people are willing to pay for. But part of running a business is dealing with the finances properly. That’s where a tax attorney comes into the picture.
If you’re just starting a business, you’ll be dealing with specific tax issues. And the types of issues you face will have to do with whether you become a sole proprietor or incorporate your business.
Advice from legal tax professionals can fill you in on how your company will be viewed and treated by the IRS. You’ll also learn a thing or two about some non-tax related factors that you might not have thought about.
You’re Getting Audited
If you’ve been notified by the IRS that you’re being audited, you should call a tax attorney right away. This is no time for a DIY case to build on your own.
A tax lawyer will deal with the IRS on your behalf and negotiate a settlement. These professionals can help ensure that you’ve done whatever you have to do to make sure the IRS is paid exactly what’s owed. And if there’s ever an investigation on you, tax attorneys can represent you to help you avoid any potential tax evasion charges.
You Own a Rental Property
If you have an investment property that’s collecting rent, a tax accountant will be able to help you take advantage of specific tax deductions. This can help put more money back in your pocket that would otherwise be going to Uncle Sam.
Dealing with returns from investment properties can be a sticky situation to navigate. A tax accountant can help you file your taxes related to rental income appropriately, especially during the first year of operation.
You’re Buying a New House
Buying a new house can completely alter your tax position. There are several tax advantages that homebuyers can benefit from, and a CPA can help ensure you’re aware of them.
You Haven’t Paid Your Taxes in the Past
If you’ve failed to pay taxes at some point in your past, a tax accountant will be able to help you make good so you don’t face any repercussions. They might be familiar with programs that the IRS offers people who haven’t filed their taxes. You’ll probably also want to get in touch with a tax attorney at the same time if you’re in this position.
Looking For a Good Tax Attorney or Accountant?
Both tax accountants and tax lawyers can give you the support and help you need to file your taxes appropriately. They’ll also help you deal with any issues aside from just a typical tax filing.
You’d be well advised to have an expert handle your taxes for you. If you’re looking for a CPA or tax attorney, check out our site today to find the right expert for your situation.