The Value Of Expertise: Why Every Small Business Should Work With A Tax Lawyer
As a small business owner, tax season can be a stressful and confusing time — and if this is your first year dealing with taxes for your small business, you may be feeling overwhelmed. The tax code is complex, and even small errors or oversights can result in costly penalties and fees. Even more confusing, tax codes are regulated by state statute, which means they are subject to change as the result of decisions made during legislative sessions — and these occur every other year in most states. Fortunately, tax lawyers are available who can help small business owners navigate the complexities of the tax code, reduce their tax liability, and avoid legal pitfalls.
Here's what you need to know about how a tax lawyer can benefit your small business:
Reducing Tax Liability
A tax lawyer can help a small business identify tax deductions and credits that they may have missed. They can also advise on tax planning strategies that can help a small business minimize their tax liability. A tax lawyer can also keep the small business informed about new tax laws and regulations that may affect them and ensure that they remain in compliance.
A tax lawyer can help ensure that a small business is in compliance with all applicable tax laws and regulations. This can include filing tax returns correctly and on time, maintaining accurate records, and complying with payroll tax requirements.
Providing Legal Support
In the event that a small business faces a tax-related lawsuit or other legal action, a tax lawyer can provide valuable legal advice and representation. This can include helping the small business understand the claims against them, gathering and presenting evidence, negotiating with the IRS or state tax authorities, and representing the small business in court, if necessary.
Structuring the Business
A tax lawyer can advise on the best legal structure for a small business, such as a sole proprietorship, partnership, LLC, or S-corporation. They can also help with the formation of the business and the filing of the necessary legal documents. This is particularly valuable to those who are in the process of forming a small business or who have been in business with a partner who has decided to go his or her separate way.
Offer Professional Insights
A tax lawyer can provide a small business owner with insights about their business, such as how to structure contracts, what expenses are tax-deductible, and how to handle employee taxes.
For more information, talk with a tax lawyer.