Tax attorneys are experts who provide services to deal with tax related problems faced by individuals, estates and businesses. Apart from this, tax attorneys also provide assistance in estate planning and legalities related to finances and taxes.
The most basic service provided by tax attorneys is filing income tax returns. Your attorney will help you figure out the deductions that are applicable for you. The IRS has a very complex process of filing returns. If any form is missed out or any due date is missed or there are errors in the forms, the tax return will be rejected by the IRS. This is why it is best to consult a tax attorney to help out. The attorney is well versed in the legalities of the process. You will not face any hassles while filing your returns in consultation of your attorney.
Your tax attorney can also help you in your estate planning. Suppose you have a large estate whose value is estimated to appreciate over the years. You or your heirs will be liable to pay huge taxes in proportion to your estate’s value. A tax attorney can help you plan your estate and come up with ways to reduce the amount of tax you may have to pay.
Tax attorneys are also consulted when starting a new business. You will probably require advice regarding the structure of ownership of your business and how to deal with potential taxes. Your tax attorney will also give consultation regarding various non-taxable aspects of your business, which you might not be aware of. In case of international business, a tax attorney can provide assistance for various legal contracts and international tax matters.
A tax attorney can help you stay out of legal hassles related to your finances. Basically, a tax attorney will help you stay out of IRS-related problems. In case you get entangled in cases related to tax fraud or tax evasion, a tax attorney will represent you in the US Tax Court and deal with disputes with the IRS on your behalf. You might not have the time to deal with deadlines and mandatory processes set by the IRS. A tax attorney will provide the necessary assistance to you.
Since a tax attorney will have an intimate knowledge of your finances and assets, ensure that you hire an attorney whose background checks out. Ensure that your attorney is highly experienced in tax-related matters and has a good reputation of maintaining client-attorney confidentiality.