A tax lawyer is a person that specialize in the complex and technical field of tax law. They are also called tax attorneys, and their presence cannot be overridden.
Tax attorneys are best for handling complex, technical, and legal issues for your organization or businesses and they are in high demand today for even more reasons. A tax lawyer is duly trained and skilled in the complexities that come with business as well as all the basis of tax. He or she has a thorough understanding of all of the deductions that can apply in your case.
So many organizations function effectively without having employed tax lawyers. However, even though these professionals may not be in high demand, they can serve as lifesavers. Some specific things tax lawyers do include: Overseeing business tax planning to legally minimize tax burdens, handling disputes before the IRS, advising clients on estate, tax, and financial planning, File an appeal of a tax court decision, and so many more. To be convinced, here are some reasons why you need a tax lawyer today.
For Legal Counsel
As said, a tax lawyer is properly skilled and usually has the right experience to tackle all legal tax matters. But rather than using these people for curative measures, tax lawyers can be used for preventive measures. Rather than waiting till the deed is done, a tax lawyer can offer proper legal counsel and advices that would guide the company in making the right decisions outright. They tell you the right moves to make that would not place you at the receiving end of the IRS negatively. A tax lawyer is just your best bet to avoid litigation issues.
Another reason you need a tax lawyer is to help you with tax planning. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success. Tax lawyers can advise you of tax advantages to factor into your business or personal planning. They help in overseeing business tax planning to legally minimize tax burdens.
Also, they would ensure that you take every legal tax deduction to minimize your tax liability. When using tax software, you can mistakenly omit deductions and make various mistakes that increase your tax liability. With the help of a tax lawyer, you would avoid all of these. Working with a tax attorney can prevent such problems from arising in the first place and keep you safe.
As you would expect, just like any other lawyer, the principal role of a tax lawyer is to defend you. A tax lawyer can defend you in two ways. First, if you plan to bring a suit against the IRS, a tax lawyer would help you present your case. Basically, if the IRS has failed you in one way or the other, a tax lawyer can ensure that you receive the justice that you require. The other way a tax lawyer can help you is by actually defending you when you fall into any form of litigation issue with the IRS or other bodies.
You may have committed tax frauds like understating your profits, claiming false deductions or credits, etc. To move on from it, you would need the protection of privilege. A tax lawyer can do this for you. You may also be under criminal investigation by the IRS and not have who to turn to. He or she can file an appeal of a tax court decision. Basically, tax attorneys can save you from a whole lot of stress that could spell doom for your organization.
To file and Itemize your income taxes
Even though the job of a tax attorney may not include filing income taxes, they can also offer assistance. To file your taxes, you would need to make use of a tax return. A tax return is the tax form or forms used to report income and file income taxes with tax authorities such as the Internal Revenue Service (IRS) in the United States. The filing process is not entirely complex, but if you are not conversant with how it works, you may end up confused and late. A tax lawyer can help here too.
Also, the IRS states that you must itemize your deductions if you are unable to make use of the standard deduction. This is not as simple as it sounds, as it may be tough to know when you should itemize. A tax lawyer can help you make this important decision. A tax attorney has a thorough understanding of all of the deductions that can apply in your case, so he or she can navigate you through it. These things may not come easy for you, so it is better to have a professional on your side.
For other purposes
Asides the already stated things that a tax lawyer does for you, there are even more reasons why you should get a trusted tax lawyer on your side. These include:
- Helping you communicate with IRS officials and making timely negotiations
- Helping your business save money and time on various levels
- A tax lawyer can be your advocate in tax court
- They would go through your records to see if there are issues and do so with utmost confidentiality
- Helping you take advantage of tax credits legally by using loopholes to your favour
- Helping you understand your complex tax situation or that of your company and preferring ways on how to resolve the situation
- They help you avoid violating tax laws
- Structuring and documenting business entities
- They help in defending your freedom and your assets if IRS agents conduct an audit or accuse you of tax evasion
- Navigating complex tax codes and laws
- Relieve your stress
To be safe, it is best to get a professional who has the right skillset and experience. A tax lawyer is just perfect for your business needs.