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Date Created: 12/20/15
check this out Chicago Tax Lawyer Chicago Tax Attorney Thinking of doing your taxes yourself? Think again! While of course you are more than capable of getting your taxes in to the IRS correctly completed, the taxation system is a tricky beast, and it’s an almost certainty that you’ll miss deductions and pay more money, as there are plenty of nuances that only a tax attorney would take the trouble to know and take advantage of. In fact, deductions alone are tricky enough! The rules and regulations around when and where you can claim deductions and whether you have to itemize or not, are complex and often difficult to understand. Getting it wrong can easily trigger an audit from the IRS, while getting it right can save you thousands of dollars in taxes. But that’s not even close to all a Tax Attorney does, otherwise up to 6 years of full time training would largely have been wasted! A tax attorney has to have a Juris Doctor (J.D.) degree in order to practice and must also be admitted to the state bar. In addition a good tax attorney will have an advanced education in Taxation Law, many completing their LLM (Master of Law) in Tax Law. Most will also have a strong background in Accounting giving them a complete education on how to navigate the legal taxation system. What else does a tax attorney do? Apart from making sure that your taxes are water-tight and should fly past the IRS without drawing any attention (and withstanding that attention if it does) a tax attorney can help you with many tasks. Starting or already have a business? It’s common knowledge among successful businessmen and women that the first person you should contact when starting your enterprise is your tax attorney. You absolutely need to get legal advice on the structure that your company is going to have and to make sure that you don’t pay any more tax than you have to. Many companies have failed (or needlessly paid excessive tax) because they didn’t take this important step before starting out. Do you have a complex taxable estate? A tax attorney has very specialized knowledge that is specifically geared to making sure that your estate is legally watertight and that the structure of your estate has been created to maximize your earning goals and to minimize tax. The pitfalls here are many, and a good tax attorney will take on the burden of the job, give you peace of mind that everything is being done professionally, and will save you money at the same time! Any sorts of business contracts (including international) This should go without saying. If you are going to enter into any sort of business arrangement you should run the proposed contract by your tax attorney, or even better, get your tax attorney to draft one up for you. While hopefully your business relationships always run smoothly, often things don’t go to plan, and the party that prepares better and makes sure that their legal position is solid, is almost always going to come out on top. Don’t risk years of hard work by stinting on this initial step. Are you being audited? Or are you under investigation by the IRS? As a rule of thumb, if you are dealing with the IRS in any unusual capacity, such as an audit, review or litigation, your first phone call should be to your tax attorney. Not only will they have dealt with your sorts of issues before and so will have experience in how to handle them, they should also have a previous relationship with the IRS, which will hopefully make things run a little more smoothly. Going up against the IRS without the services of a tax attorney may seem like the frugal option, but in reality, it’s just dumb. The IRS is notorious for having a ‘take no prisoners’ approach and you want to make sure that you are competently represented in all of your dealings with them. Need more information? Is there something we haven’t covered here or do you have more questions that you need to ask? Give us a bell! We’re in the local area at insert address and can be contacted on insert phone number between the hours of time and time, Monday to Friday. Initial consultations to work out your needs are free, so why not give us a call?
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