Tax Attorney
When a taxpayer has problems with the Internal Revenue Service, or the state department of revenue, he may be able to solve it himself. However, with the intricacies of U.S. tax law being what they are, the taxpayer may find himself better served in hiring a tax attorney.
A tax attorney specializes in working with taxpayers to solve their problems with the IRS or state revenue department. In fact, they generally focus only on tax issues and relief. A taxattorney can help a taxpayer in trouble make it through an audit, have fines reduced, liens removed, and can navigate through the minefield of small business and self-employment taxissues.
Many small business owners consider their tax attorney to be as vital as their accountant. This is because a good tax attorney can help head off tax problems before they even begin. He or she can see potential trouble spots for a business and can advise the owner how to avoid them.
U.S. tax law is not only labyrinthine in structure, it also changes nearly every year. Thus, a goodtax attorney will keep up with the latest changes and can advise clients accordingly. A taxattorney may also be helpful when setting up trust funds, stock portfolios and the like, so a taxpayer doesn’t run into unexpected surprises on April 15.
Direct Tax Relief Tax Attorney :
- Business clients, especially, who have significant investments or have been audited or flagged for questionable practices in the past, will need extra attention. An IRS tax attorney’s success also depends on his ability to listen, analyze and advise on a variety of tax issues.
- An attorney could discover ways to lower taxes on a property, inform the owner of tax credits he or she may not be aware of and catalog every instance pertinent to taxes which the owner may miss. The property tax attorney can even enter negotiations on behalf of a client who may have made a mistake on his previous taxes.
Tax Attorney – Your Home Deductions = Tax Savings
4 Ways to Turn Home Deductions into Tax Savings Your home is not only your castle, but it is also a tax savings haven. Homeowners enjoy tax deductions that non-homeowners don’t. Make sure that you are using your home to the fullest when it comes to tax deductions. It’ll save you a lot of money, blood, sweat and tears when tax time rolls around every year. Mortgage Points Record low interest rates in 2011 led many people to finally realize the American dream of homeownership. When you established your mortgage, the lender most...
read moreTax Attorney – 12 Scary Debt Facts for 2012
As President Obama unveiled the 2013 fiscal year budget, the nation’s financial situation came back into sharp focus. Experts say partisan gridlock in Washington means the budget will probably go nowhere. Considering this is an election year, however, expect politicians to harp on facts, figures and terms that most Americans weren’t taught in high school. To help out, it’s time to dredge up lots of scary facts to make you pay attention.Before we get going, a quick primer on the number TRILLION: $1 trillion = $1,000 billion...
read moreTax Attorney – Payroll tax cut, meet $4 gas
The payroll tax cut is more of a cushion than a stimulus for the U.S. economy. With higher fuel prices, that cushion may already be deflating. On Thursday morning, Washington lawmakers were pleased to announce a deal to extend a cut in payroll taxes paid by most Americans. The compromise was reached ahead of the tax cut’s March 1 expiration date, and will keep the tax rate at 4.2% from its usual 6.2% for another year. So for a family earning $50,000 a year, that would translate to a savings of about $1,000 a year or roughly $80 a...
read moreTax Attorney – Tax season: When you should hire a pro
(MoneyWatch) A lot of folks looking to save a few bucks do their own taxes. As long as you do them right, there should be no problems. But some might be tempted to follow last year’s tax return to prepare this year’s forms. I don’t recommend doing this because you might miss picking up on changes in your tax situation from one year to the next.If you do your own taxes and you have any doubt about what you are doing, consider finding and hiring a tax professional to look over your tax forms to get their opinion on whether...
read moreTax Attorney – The $13,000 adoption tax credit is back this year
An adoption tax credit that brought huge refunds to many unsuspecting families last year is back. Taxpayers can claim up to $13,360 for each child they have adopted in the past six years on their 2011 tax returns this year — an increase of $190 from last year. The credit has been around since 1997, but up until the 2010 tax year, it was always a non-refundable credit — meaning it would offset any taxes owed, and anything that remained was carried over to the next tax year.President Obama’s Affordable Care Act of 2010 made...
read moreTax Attorney – Not the DIY type? Tips to find a tax preparer
If your financial life is simple and you have basic computer skills, using do-it-yourself software is an “EZ” way to file your tax return. But if you’re nervous about preparing your own taxes, don’t have time, had a major life or job change last year or simply think the tax laws are too complex, you’re not alone. About 60 percent of all returns are filed by professional preparers, according to the Internal Revenue Service. Officials at H&R Block, which prepared one out of every six tax returns last year,...
read moreTax Attorney – Tax tips for the unemployed
Being unemployed present a variety of financial considerations, including potential taxes. In some cases, federal tax laws could pose new costs to unemployed individuals. But in others, tax provisions could help ease, at least a bit, the financial strains of unemployment.Pay taxes on unemployment First, the bad news. Unemployment compensation is taxable income. A few years ago, a small amount of unemployment benefits were exempted from taxation, but that tax break has expired. You’ll get a Form 1099-G that will tell you how much...
read moreTax Attorney – Get an A+ on Your Next IRS Audit
The best way to avoid being audited is to follow the rules. File a return every year and be complete and honest. However, the IRS uses statistical sampling to identify auditees and you might just find yourself in their spotlight no matter how thorough you might be. If this is you, prepare yourself and manage expectations. An IRS audit might not be as bad as you thinkPreventative Measures Getting an A+ on the audit is all about keeping accurate logs and correct reporting. Not a tax expert? No problem. Hire a professional to do your taxes,...
read moreTax Attorney – Tax tips for February
We all know what’s on Mark Zuckerberg’s to-do list this February. He’s taking Facebook public, and trying to set aside some stock for the “little guys.” You have things to do, too, even if not on the same titanic scale. February deadlines Feb. 10: By this date you should have received all the W-2s and 1099s that were sent out by Jan. 31. If you don’t have them yet, it’s time to start nagging.People have been receiving notices from financial institutions that the 1099-Bs will be delayed several weeks. Since these forms must show...
read moreTax Attorney – Too late to lower 2011 business taxes? Not at all
Although 2011 is history, you may still be able to save money on your business taxes. Many accountants and other tax preparers find that their small business clients overlook deductions. Sometimes it’s the result of not taking advantage of tax laws that work in your favor. Poor record-keeping can also be the problem.Here are some ways to lower your bill: START OR FUND A RETIREMENT ACCOUNT You have until Oct. 15 to reduce your 2011 taxes — if you have employees and start a retirement plan known as a SEP, or Simplified Employee...
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