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When to hire a tax attorney

It may not be April yet, but tax season is just around the corner. Many people try not to think about taxes until the last minute before the filing deadline, but this year is unique. Because of the nationwide tax code overhaul passed by the Trump administration, taxpayers have been thinking about their taxes earlier than ever.

This year, many Americans may be interested in hiring a tax attorney to help them file their returns. Perhaps you are wondering whether hiring a tax attorney is even worth it. If you are still deciding, take a look at this post on when to hire a tax attorney. 

Private assistance

Some taxpayers decline to hire a tax attorney because they think their individual tax returns are too insignificant to warrant the cost. This is a common misconception: Tax attorneys work with a wide variety of clients, from private individuals to large commercial businesses. Private taxpayers can benefit greatly from working with a lawyer, even if the taxes they owe are minimal.

Understanding new tax laws

The previous tax code was complicated enough, never mind the dramatic shakeup of last year. The new code has several major changes that many taxpayers are not used to. If you don’t fully understand the new rules and regulations, it could mean more mistakes on your tax return. Tax attorneys, however, are up-to-date on all aspects of the 2018 tax laws.

Estate planning

You may want to hire a tax attorney if you are planning your estate. If your estate will be subject to the estate tax, a skilled attorney can offer estate-planning strategies to minimize the amount of taxes that will go to the government. That means more of your wealth will stay in the pockets of your family members.

Business matters

If you are a small business owner, you know that business taxes can get complicated. Why try to handle business-related tax issues by yourself? Some business owners believe that their skills as a business leader will be adequate to handle their taxes, but this can be a costly mistake. Having a tax attorney in your corner can be crucial to filing accurate taxes—and getting as many tax breaks for your company as possible.

Tax troubles

Anyone can make a mistake—sometimes, though, mistakes can have criminal consequences. If the IRS is investigating you for tax evasion, fraud or another tax-related crime, your best option may be to hire a lawyer. The right tax attorney can help you fight your charges, minimize any penalties and protect you from future legal issues.

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