A lil Tax Help for Business Owners
Halloween is around the corner, but there’s probably no word in the English language that’s scarier than “taxes.” Whoever you are, whatever you do, and no matter where you run, there’s no escaping them. This is especially true when it comes to running a business. Sure, you probably know a thing or two after doing your own taxes, so why would need to call in some help? From startups to seasoned veterans, here is how a tax attorney can help out your business.
State Taxes
Do you conduct business outside the state your entity is located? Things can get tangled when you’re trying to fulfill obligations to your home state and other states. You could deal with this hassle, or with a tax attorney you can make sure your bases are covered.
Optimizing Deductions
Who doesn’t like saving money? With help from a tax attorney, you can figure out which deductions you can apply to your taxes, and what is required to be applicable for them.
Audits
Once the IRS has its sight on your business, avoiding an audit is nearly impossible. You could even be selected at random for an audit. A tax attorney can help deter them from happening and help you handle any issues that arise from one. Accurate and well organized record keeping is not a reg flag that the IRS looks for.
Changes in Tax Code
State and federal tax regulations are always changing. You can expect a change in tax code almost every year. One part of a tax attorney’s job is interpreting tax codes for the public. If there are potential changes in the tax code, your attorney can tell you what to expect, and how to prepare for them.
Guidance
When it comes to questions about taxes, there’s little room for error. Sure, you could look around on legal blogs to possibly find an answer to your tax questions, but why not just ask a lawyer? Not only does a tax lawyer handle your paperwork and fend off the IRS, but they’re an extra resource to have on hand.
Time Efficiency
When you tell people that you’re self-employed, you might get reactions of envy. They might imagine you living a life of freedom and calling the shots. You know that this notion couldn’t be any further from the truth. As a business owner there’s practically no work/life balance. Your work is your life. So it’s not uncommon to find yourself burning the midnight oil long after everyone else has clocked out.
You already have enough on your plate. Juggling taxes and bookkeeping, on top of running a business is a lot. Getting help from a tax attorney will make sure that your taxes are done on time and accurate. Error can be costly when managing taxes.
At Chechele Law, one of our specialties is helping businesses owners like you handle their taxes. For those starting a business, we’ll also help you plan out your entity. Which route you take for your business structure affects how you’re taxed and the extent of your liability.
Contact us today to set up an appointment.