Why Hire a Tax Attorney?
From bakeries to dentists, small and private businesses have at least one thing in common: taxes.
They’re unavoidable for all of us, and for many small business owners, they are also one of the most difficult obstacles to navigate. And that’s where a specialized tax attorney can come in handy.
Time = money
If you own a business, you already know that time is money, and having your taxes prepared by a professional can save both. An attorney who is knowledgeable in tax law will have extensive knowledge of IRS requirements and expectations, and this can help to avoid costly mistakes, especially for new business owners.
A tax attorney can also assist in finding applicable deductions for your business, adding more to your bottom line.
With incorporation requirements, deduction proof and a very firm deadline, it is too easy to make a mistake on a business tax return. Some of the most common errors include accuracy, underreporting income, filing and/or paying late, and underpaying the estimated tax. The latter becomes especially important for those who are self-employed, as all self-employed individuals must pay income tax in quarterly installments throughout the year. Ignoring these requirements can come at a very high price; for example, the IRS can issue a 20% penalty for underreporting income, or up to 25% for not adhering to deadlines.
A tax attorney at Shindler Neff can assist in getting you the best outcome for the next tax season. Contact us to schedule a consultation.