If you’re like most people, you may dread having to deal with the IRS. Not only do they have a reputation for being difficult to deal with, but their rules and regulations can be overwhelming as well.
Thankfully, there is a solution that makes dealing with the IRS easier than it’s ever been before. By hiring an experienced tax attorney to represent your interests in all dealings with the IRS, you can save yourself time and money while making sure that everything is handled properly from start to finish.
But that’s not all! Keep reading to discover the top 7 benefits of hiring a Tax Attorney like the Silver Tax Group.
1. A Tax Attorney Can Keep You Out of Jail
In order to be correctly prepared for this benefit, you need to know why jail is bad news. Jail time means less income from working days as well as loss of potential earning power due to forced idleness.
In fact, one study found inmates who were released from prison after doing time behind bars earned 40 percent – 60 percent less than those who stayed out of trouble even fifteen years later! And for anyone earning minimum wage, that’s a lot of lost income.
Hiring a tax attorney can keep you out of jail for several reasons. First, they begin by creating the proper paperwork for your business, whether that is filing LLCs or S corporations, etc. Second, they ensure all required taxes are filed and paid on time to the government agencies.
Third, they will guide you in complying with all laws affecting your small business. You’ll avoid fines and penalties this way. Finally, hiring a good tax attorney doesn’t mean you are only hiring them indefinitely.
As soon as your company begins thriving without their help (or even if it never does), you should let go of the less-expensive lawyer while retaining the services of more specialized tax attorneys as needed. Then you only pay the law firm for the services you need, not ongoing monthly bills that are often more costly than hiring a specialist.
2. A Tax Attorney Can Protect You Against Lawsuits
To be clear, it is never wise to break the law just because someone might sue you over it at some point in time. However, there are times when following all laws to a tee could lead to your company being sued by another party.
For example, if your small business contracts with another company to supply them with certain materials but the supplying company fails to deliver on time, this could leave you vulnerable to being sued. It’s easier said than done, but hiring an experienced tax attorney can help fight back against lawsuits like this and protect your business.
3. A Tax Attorney Can Help You Save Money on Your Taxes
Believe it or not, hiring a tax attorney can actually help you save money on your taxes. How is this possible? By taking advantage of all deductions and credits that are available to you, a tax attorney can help ensure you’re only paying the amount of taxes you legally owe.
Additionally, if you’re ever audited by the IRS, having an experienced tax attorney representing you will make the process much smoother—and could even result in reduced fines or back taxes owed.
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4. A Tax Attorney Can Help You Grow Your Business
A good tax attorney can help your small business grow in many ways. They can provide guidance on what business structure will be best for you, help with the bookkeeping and accounting process, and offer advice on how to reduce your tax liability. Additionally, they can also help you plan for future growth by developing budgets and projections.
5. A Tax Attorney Can Help You Retire Wealthy
One of the most important benefits of hiring a tax attorney is that they can help you retire wealthy. How is this possible? By taking advantage of all the legal loopholes and deductions available to business owners, a tax attorney can help minimize your tax burden each year. This means more money in your pocket to save or invest for retirement.
6. A Tax Attorney Can Help You Avoid Common Mistakes
As a small business owner, there are many things you need to keep track of. From filing your taxes on time to complying with all the relevant laws, it’s easy to make a mistake.
However, when it comes to tax law, even a small mistake can lead to big fines and penalties from the IRS. A good tax attorney will help you avoid making common mistakes and ensure that your business is in compliance with all applicable laws.
7. A Tax Attorney Can Save You Time and Money
Last but not least, one of the biggest benefits of hiring a tax attorney is that they can save you both time and money. How? By taking care of all the paperwork and accounting for your business, a tax attorney can help you avoid costly mistakes and ensure that your taxes are filed correctly.
This can save you hours of time each year, and could also result in decreased tax liability. Additionally, by representing you during an audit, a tax attorney can help you avoid costly fines and penalties.
Want to Know About More Benefits of Hiring a Tax Attorney?
Overall, hiring a good tax attorney is a wise decision for any small business owner. They can help you protect your business from lawsuits, save you money on taxes, and help you grow your business. Additionally, they can help you retire wealthy and avoid common mistakes. So if you’re wondering if hiring a tax lawyer during tax season is worth it, the answer is most definitely yes!
Don’t forget to check out our blog for more help with your tax preparation, and understanding federal taxes!