A tax lawyer can be a valuable asset in several situations. Here are some ways a tax lawyer can help you:
Comply with tax rules: Tax codes can be complex and confusing. A tax lawyer can help you understand your tax obligations and ensure you are filing your returns correctly. This can help you avoid penalties and interest from the IRS.
Optimize your tax situation: Tax lawyers can help you identify tax breaks and deductions that you may be eligible for. This can help you lower your tax bill and keep more of your money.
Deal with the IRS: If you have a problem with the IRS, such as an audit or a tax debt, a tax lawyer can represent you and advocate on your behalf. They can help you negotiate a settlement with the IRS or fight your case in court.
Business planning: If you are starting a business, a tax lawyer can advise you on the best business structure to choose from a tax perspective. They can also help you understand the tax implications of different business decisions.
Here are some specific situations where you might consider hiring a tax lawyer:
- You have a complex tax return, such as if you own a business or have significant investments.
- You are being audited by the IRS.
- You owe a significant amount of back taxes.
- You are considering starting a business.
- You are going through a divorce.
If you are unsure whether you need a tax lawyer, it is always best to consult with one to discuss your specific situation.