When dealing with any tax issues, a tax attorney will be there to stop you from making and mistakes that could leave you thousands of dollars worse off.
Tax attorneys specialize in tax laws and have expertise in IRS tax codes, so they are a great source of support when dealing with more complicated tax matters.
These can include buying or selling a business, planning your will, tax audits, and more.
Making a mistake with one of these issues can leave you facing months or years of legal and financial headaches and a tax attorney is there to help prevent that.
Benefits of a Tax Attorney
There are plenty of reasons to hire a tax lawyer in today's complex economy. Not all financial situations are black and white.
Here are the key benefits of using a tax attorney for your business or personal finances today.
Saving Time
Tax attorneys already know tax laws, and they will also know how to apply them to your situation.
If you count up all the hours it would take you to handle your tax issues yourself, you might have a legal issue dragging on for months.
Saving Money
Hiring a tax attorney is an investment, not a cost. Their expertise often means you will save more from your tax liabilities than their fees.
The fees of a tax attorney will vary but if you have a more complicated tax issue or more of your finances at stake, it will be worth it.
Expertise
Tax attorneys will not only know the law but how to interpret and apply it too. There is a much lower risk of something being misunderstood or applied incorrectly when you use an attorney.
Safeguard Your Income
If you have a tax debt, the IRS can apply a levy where they are able to withdraw money directly from your bank account or from your wages before they're even paid to you.
A tax attorney will be able to help prevent this from happening.
Protect Your Credit Score
If you do have an outstanding tax debt, the IRS can file a Notice of Federal Tax Lien. This can show up on your credit report and lower your credit score.
Using a tax attorney can help prevent this from happening, and if there is already a lien in place, they may be able to help arrange a release from it.
Peace Of Mind For You And Your Family
Especially if you are planning to leave money to your loved ones in your will, you don't want them to have to deal with any legal issues after you have passed.
Using a tax attorney can make sure your planning is done right, so there will be no issues in the future.
Protection From The IRS
Dealing with the IRS on your own can be overwhelming and intimidating. Working with someone who is used to dealing with them on a daily basis gives you a safety net and can reduce your stress.
Get Started With Hiring a Tax Attorney
When you understand what a tax attorney does and the benefits of hiring one, the next step would be to find the right one for you.
Aim to find a local lawyer, and who has expertise in the tax area you're dealing with. They will be able to give you the most specific advice on tax law.
