As the saying goes, there are two inevitabilities in life: taxes and death. Many small businesses are also faced with tax issues. That is because a lot of business owners don’t have the information and guidance needed to file their tax returns correctly.
A good IRS tax attorney can save business owners stressful weeks and many expensive errors. Here is why your small business requires an IRS tax attorney.
Paying Taxes on Time
The main reason why you should hire a tax attorney for your small business is to tell you how and when to pay taxes. The types and amount of taxes you will pay depend on various factors such as your business location and size.
You might even be required to pay employee taxes even if you don’t have any person working for you. Regardless, an IRS tax attorney can offer advice on how and when to pay and file state and federal taxes.
Avoid Interest and Penalties
Acquiring a tax filing extension can come in handy for your small business if you don’t want the IRS to charge you interest and penalties. Leaving a critical detail can also delay filing your tax returns.
You could incur penalties, additional interest, and fines on what you owe the IRS. If you hire an IRS tax lawyer, you submit all the details required to show your expense and income and even file your returns on time.
Exemptions and Deductions
Business owners have a right to claim tax exemptions and deductions to which they are legally entitled. Even so, many business owners don’t know what to claim or how to claim them on their tax return.
A tax attorney can help to identify what deductions and exemptions you can claim and ensure they are used lawfully on your return. Some of these entries include depreciation, employee benefits, business-related travel, and many more.
You save a lot of time when you bring a professional to help you in tax matters. Learning about your tax duties is a full-time task in its way.
Learning about how your tax duties have changed over the years alone can occupy valuable time that you could be using to run your business. The reality is tax duties, and bookkeeping is things that you should learn in school and not on the job.
A professional tax attorney can save you time by keeping these records.
Resolving an IRS Dispute
If you get a letter from the IRS, your next step probably will be to call a tax attorney. Only about 1% of tax returns are indeed audited every year, but all it takes is one wrong form or missing detail, and the IRS will check all your returns.
In case there is a problem, you will need a professional to help you out. You should have a tax lawyer to help you during this tough time.
If you have a small business, it is advisable to have an IRS tax attorney to help you in paying your taxes. They compute the amount due accurately and pay everything on time. Also, they will be first to help you address your IRS disputes.
Contact Ayar Law today at 800.571.7175 for free, no-obligation tax advice.