We can all agree that no one enjoys preparing for tax season, mainly because it comes with giving money and preparing everything by yourself. However, owing taxes is another problem that may affect your financial situation and bring you to the worst position.
Of course, taxes are not burning your income, but they go to essential areas of our lives. We are talking about social security, health programs, defense and security, safety net programs, and visible things such as sidewalks, paved roads, and many more.
It does not matter if it happens intentionally or by mistake because most people tend to file taxes altogether, leading to discrepancies and incorrect filing. That can lead to criminal investigation or audit from IRS, which is why you should prevent it from happening.
In the worst-case situations, people search for the best tax attorneys in Atlanta to determine the best course of action.
You should know that an attorney is a professional who can help you deal with potential issues and help you face the IRS without any additional hassle.
In further articles, we will talk about things you can expect from tax lawyers.
Let us start from the beginning.
What Do Tax Attorneys Do?
The main problem lies in the idea that people are not aware of things they can expect from tax attorneys. You should know that they can help you with numerous aspects of tax law, which is why you should learn about every single one before you make up your mind.
Of course, they know how to help you respond to potential audits and file returns. However, it is vital to remember other things they can help you with.
- Owing Back Taxes
Even though you may owe a portion or a small amount, in some cases, you do not need legal help for the process. Of course, if you enter a point where you owe a significant amount of money, you should find ways to protect yourself throughout the process.
Therefore, a lawyer will help you create an agreement with the government to pay the debt in installments you can afford. In some cases, they can even negotiate with IRS to lower an amount, especially if you had potential issues in the past that led to an inability to pay.
You should click here to learn more about the different services you can find.
- Protection During Audit
One of the biggest reasons businesses and individuals call lawyers is to help them deal with audits. The IRS will conduct an audit to determine whether you are committing fraud, making errors, and other potential problems that may happen.
It is a comprehensive research of your records, with an idea to find the reasons why you did not pay a particular amount they required from you.
We can differentiate three types of audits.:
- Office – It is a point where the IRS will require you to bring all your documentation and receipts to the nearest office.
- Field – It is an invasive checkup in which an agent will reach your business or home to determine what happened.
- Correspondence – They will use mail to notify you about potential discrepancies you should handle as soon as possible. It is the least invasive procedure.
Even though we are not talking about going to jail or anything of that sort, audits are not bad. However, a professional lawyer can help you out with the process. Having a lawyer by your side means you will get representation if the IRS takes you to court.
- Filing Complicated Forms
If you have a straightforward and straightforward income, you do not need the service of an attorney. However, businesses can have a wide array of issues, especially those that operate abroad and have numerous employees.
That way, having a lawyer by your side can help you prevent potential errors from happening. They will offer you information about legal aspects and parameters of things you neglected throughout the process.
That way, you can adequately organize employee documentation and records to prevent issues from happening. It is vital to know about tax deductions you may get, especially if you own a small business.
Therefore, you will get incentives due to the latest regulations, which an attorney will explain to you.
Enter this guide: https://www.wikihow.com/Find-a-Tax-Lawyer to learn how to find a professional attorney for your particular requirements.
- Creating a Will
Setting up and creating a will comes with numerous steps to ensure that you do it correctly and without any additional hassle.
Will is a document that will determine where your possessions, property, and money are going, which means you should get an attorney to help you sort everything out.
You should know that some trusts come with tax exemptions depending on the area you live in. Therefore, you may prevent paying a significant price for the inheritance.
- Starting a Business
Entering the world of owning a business is not just about having a successful service or product. It is much more complicated than that, which is why you should find professional help.
Keep in mind that most business owners do not know about potential taxes, incentives, and deductions. Therefore, a lawyer can help you determine both business and personal preparation you should conduct.
Most of them have good experience when it comes to the legalities of potential payments. For instance, business types, including LLCs, corporations, and S-corps, come with different taxation regulations.
Therefore, you will have to read an excessive amount of paperwork and regulations before starting with a season, which may affect your business in the long run.
Instead, you should find an expert who will teach you about aspects you should handle yourself, which will help you prevent potential issues.
Remember that it is easiest to stay out of radar and trouble, which will help you increase income and get potential refunds.
As soon as you check here, you will understand the importance of finding a professional before and during an audit.
- Selling or Buying a Business
If you wish to sell a particular business, you should find an attorney to help you out. The main reason for that is negotiation, especially when it comes to potential tax implications.
Therefore, a lawyer will help you reduce the chances of buying or selling a business in debt, which will provide you a higher return on investment in the long run.