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10 Reasons to See a Tax Attorney for Help
5. STATE TAXES. Many businesses derive income from doing business outside of the state where they are located. It is as important to be aware of the tax obligations of conducting business outside of your home state as it is to be aware of your in-state obligations. An attorney can guide you through this potentially confusing and complex area of taxation.
6. EMPLOYEE TAXES. Even if you have no "employees," you may be required to meet the tax requirements for a self-employed individual, including making quarterly estimated tax payments. Although a sole proprietor may not have to pay business taxes, he or she is usually considered both an employer and an employee, and the tax implications of this dual role can be complicated. Consult an attorney if you are not sure of your responsibilities.
7. BUSINESS FORM. Different business forms have different tax obligations. An attorney can assist you in determining the most advantageous form for your business. Your personal economic situation is one factor to consider in this analysis.
8. BUSINESS DEDUCTIONS. One of the great incentives for starting a business is the availability of business deductions to offset income. However, in order to take advantage of the many available business deductions, you must know what they are and what is required to utilize them. An attorney can help you optimize your deductions.
9. CHANGE, CHANGE, AND CHANGE. Federal and state tax laws and regulations change frequently. You can count on a new Tax Code every year. But during the year, taxing agencies (especially the IRS) issue rulings interpreting the Tax Code on a daily basis. Your attorney follows these rulings and knows how they impact your business.
10. IGNORANCE IS NO EXCUSE. You don't want to be in the position of arguing that you deserve a break from the IRS because you didn't know about a tax obligation, or what was required to meet it. If you win that argument, you will be the first to do so. An attorney will work to make sure you know (and do) what is necessary to satisfy your tax obligations.
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