Tax. The word doesn’t really inspire excitement.
Did you know that about 56% of Americans don’t like doing their taxes while 26% said they hated it overall? For good reason. You’re doing complicated paperwork for something you might not even fully understand.
However, that doesn’t always have to be the case. Tax lawyers are here to help! With years of specialized experience and formal education under their belt, they’re the leading authority to turn to for your tax woes.
Here are five ways tax lawyers can help you ease your tax day dread:
1. They Guide You Through the Tax Code
Legal documents are under no obligation to cater to layperson standards. So, find a translator!
With nearly 2,000 IRS forms and publications, you can’t possibly wade through them all. You’ll also need years of experience and schooling to understand their implications. Thankfully you won’t have to go through that as a tax lawyer already has plenty of schooling and experience.
As your legal translator, they inform you of your rights as a taxpayer, discuss the consequences of unfiled taxes, and even teach you how to lower your taxes.
2. They Can Mediate in Tax Audits
A tax audit notification is one mail you never want to get. IRS conducts audits by mail or in-person interviews. These can make even the most honest taxpayers anxious.
A tax lawyer can serve as your middleman, keeping correspondence with the IRS. In addition, they make the process easier by helping you provide the necessary records for review.
Apart from efficiency, you’ll find a tax lawyer necessary if the IRS concludes that you owe back taxes.
3. They Help You File Taxes for Your Business
Operating a business is hard enough on its own. Tax lawyers can take the tax burdens off your hands. With this, you can focus on running your business instead of running from taxes.
Businesses have taxes different from people and from each other. With varying requirements of tax attached to each business type, your tax attorney can make a tax structure that works for you.
If you have a business with investors or partners, a tax attorney can assist you through mergers, getting funding, and maximizing tax benefits.
4. Tax Lawyers Can Represent You in Tax Disputes
One of the biggest perks of hiring a tax attorney is the attorney-client privilege. Your tax lawyer cannot provide documents or testify against you.
Charges of tax evasion can lead to crippling monetary penalties or even imprisonment. Fines reach up to $100,000 or even $500,000 in the case of a corporation. A conviction can also lead to imprisonment of up to 5 years.
A good tax attorney can find compromises for these scary consequences. Or, of course, help you avoid them altogether.
5. They Can Advise on How to Lessen Future Tax
Apart from patching up any holes in your present structure, tax lawyers can also help you improve your future tax strategy.
Your attorney can help you legally take advantage of certain policies and maximize tax deductions and credits. They can also give legal advice for losing investments and how to reduce tax liability with capital losses.
Get in touch with an experienced attorney for an in-depth discussion.
Ditch Your Tax Day Dread!
Over two centuries later, Benjamin Franklin’s words still ring true: “Nothing is certain except death and taxes.” Except now, you can finally say goodbye to the psychological death that comes with taxes with the help of tax lawyers!
Want to learn more about taxes and what you should do about them? Check out our other guides for more information.