When Do You Need a Tax Lawyer?
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Most people spend a lot of time figuring out how to make more money. While making more money is a good thing, it also comes with a lot of headaches. The more money you inevitably make in the course of a year, the harder it will be to do your taxes.
Trying to handle taxes for a business without the help of professionals can lead to a lot of mistakes being made. This is why working with the tax professionals at Tax Law Advocates is such a good idea. With the assistance of professionals, you can avoid raising red flags with the Internal Revenue Service.
In some cases, you will need to work with a tax lawyer to address the problems you’re facing. Below are some signs that it is time to hire a tax lawyer.
Time to Hire a Tax Lawyer
Dealing With Tax Disputes is Nerve Racking
One of the worst things that can happen after you file a tax return is getting audited. These audits usually occur when one or more red flags are detected by the tax agents at the IRS. It is easy to get extremely stressed when you receive a notice that you’re being audited.
Rather than buckling under the pressure of an audit, you need to reach out to a tax lawyer for help. With an attorney on your side, you can communicate with the IRS more effectively. A legal professional can also negotiate any settlements with the IRS for overdue taxes.
You’re On the Verge of Starting a Business
Over 4.4 million entrepreneurs take a leap of faith every year and start a new business. A successful business can put you in charge of your financial destiny. However, you need to make sure your business is set up for success from the outset. The best way to do this is by working with a knowledgeable tax lawyer.
Choosing the right tax structure for your business is more difficult than you probably realize. Choosing the wrong structure can lead to a larger tax burden. Rather than making a mistake, you need to reach out to a tax lawyer for advice. With their help, you can easily pick the right tax structure for your new venture.
Problems Paying Existing Tax Debt
There are few things more stressful than owing the IRS money. If you’ve acquired some tax debt over the past few years, it is time to do something about it. The longer you wait to address your tax debt, the more it will grow. Penalties and interest on your tax debt will continue to accumulate until you iron out a payment plan with the IRS.
The best way to get one of these plans in place is by allowing a tax lawyer to represent you. Once they issue an offer in compromise to the IRS, they can propose a repayment plan to them. This repayment plan will break up your debt into bite-size monthly chunks.
Dealing With an Inheritance
Have you recently been left a large sum of money from a dead relative? The tax implications that come with an inheritance can be complex. The last thing you want is for an inheritance to put you in the dog house with the IRS. This is why you need to work with a tax attorney to ensure all the money owed to the IRS from your inheritance is paid.
If you are dealing with one or more of the issues mentioned above, it is time to hire a tax lawyer.