Worried About Your Tax Troubles? Here’s What a Tax Attorney Can Do for You

Here’s What a Tax Attorney Can Do for You

Tax attorneys can do many things because of their knowledge of complicated tax laws. Read on if you’re wondering how a tax attorney can help you.

Keyword(s): tax attorney

American taxpayers owe $114 billion to the government.

If you feel like you’ve got tax troubles, you certainly aren’t alone. Millions of people owe thousands of dollars in back taxes with seemingly no way of clawing themselves out of financial peril. Negotiating with the IRS can be a chore, but it’s important to know that you have tax relief options.

The best way to explore those options is to hire a tax attorney. In this post, we’re going to tell you what a tax attorney can do for you to relieve your tax burden.

Tax laws are complicated and confusing for the average taxpayer, but keep reading, and you’ll see that having the right tax attorney on your side will help you make sense of it all.

What Does a Tax Attorney Do?

A tax attorney specializes in tax law and helps clients optimize their finances and tax situation. Some tax attorneys also specialize in particular areas, like business or estate tax. 

When you hire a tax attorney, you’re getting someone who is well-versed in federal, state, and municipal tax laws. They may help you with filing your taxes properly, so as to avoid any infringement on tax laws. They may also help with IRS problems or questions about complicated tax rules.

For example, if you’ve got back taxes, a tax attorney could help you settle them by negotiating with the IRS and challenging IRS court rulings. When it comes to wealth management, on the other hand, an attorney can help you reduce tax liabilities, create wills, and plan your estate.

When You Should Hire a Tax Attorney

There are numerous scenarios where you should consider hiring a qualified tax attorney. Whether you’re dealing with tax disputes or you’re starting a business, a tax attorney’s expertise can help guide you through the confusing world of tax law.

Starting a Business

Starting a business comes with countless complicated tax issues. It helps to have a tax attorney around from the very beginning to help you fill out the necessary incorporation forms and protect your brand-new business assets. After that, having a lawyer on retainer is helpful for proper bookkeeping and tax preparation.

As a business owner, it’s important to understand that the IRS has eyes on you. Tax preparation and planning are crucial to ensuring that you’re following all of the necessary tax guidelines for the business entity you’ve created. With a tax attorney, you’ll get the right tax deductions and avoid tax audits.

Settling Disputes

The IRS is a powerful entity, so if you’ve got tax disputes, it’s best not to take them on by yourself. With their knowledge and expertise, a tax attorney will give you the right advice to solve these disputes in a way that benefits you.

Tax Relief Options

Last year, 57% of American households paid no federal income tax. If you’re feeling the pressure of mounting tax debt, then it’s time to hire a tax attorney.

They’ll explore all available options – such as an offer in compromise or payment plans to pay your bills off over time – and determine the best course of action to settle your debts with the IRS.

Estate Planning

Estate planning is more complicated than we’d like. Whether you’re transferring property and assets or setting up an estate plan, or creating a trust, taxes are always a byproduct. 

There are always estate planning strategies and tactics that you can employ, however. Your tax attorney will help you deal with all of the paperwork and help you minimize the amount of taxes you have to pay. 

Real Estate Investing

When you start investing in real estate, you’re effectively running a small business. Your investment portfolio is subject to its own set of tax laws, which can be costly if you don’t know what you’re doing. 

Rental income, for example, is subject to taxation. A tax attorney will help you minimize what you pay in taxes and help you avoid any murky territory you may find yourself in because of your investments.

How to Get the Best Tax Attorney

When you set out to find a tax attorney, you need to know what to look for in order to get one that fits your needs. There are plenty of attorneys out there, but without the right experience, expertise, and reputation, they won’t be equipped to help you deal with complicated tax laws.

Firstly, they should have a law license if they’re practicing tax law. Search your state’s bar association to ensure that your lawyer is actually qualified to help you.

Look for a tax lawyer that has the right specializations to handle what you need them to as well. A CPA license means that they’re also a certified accountant, while an LLM, CTEP, or AEP is specific to estate planning and trusts. 

One of the main duties of a tax attorney is preparing federal taxes. They should possess a PTIN number, or else they’re not legally allowed to do this crucial aspect of the job in the eyes of the IRS.

It also helps to look at testimonials and reviews before hiring a tax attorney. Previous clients can help you gauge their quality of service and professionalism. Also, if there are any glaring issues you should know about, you’ll find out from comments on sites like Google and Avvo.

Experience the Benefits of Tax Expertise

Now that you know what a tax attorney can do for you as an individual or your business, it’s time to experience the benefits for yourself. Whether you’re looking for tax relief, tax resolution services, or bookkeeping, our team of tax professionals has you covered.

Having a dedicated tax attorney on your side gives you peace of mind as you navigate these difficult issues with the IRS. Contact us today to learn more about our services and to discuss how our team can help you recover from your tax problems.