Do You Need A Tax Attorney?
A tax attorney is a type of lawyer who specializes in the world of tax and how it applies to certain things. Taxes are applied to business ownerships, estates, and other things, and sometimes getting the assistance of a tax lawyer over an accountant is necessary. You don't need a tax attorney for everything, but certain things require this legal assistance. Here are signs you need a tax attorney.
You have a business
You are starting a business or you have a business already and you need to know how to establish your company for the best tax benefits. You can be a sole proprietor or have an LLC, or you can do an S Corp, a C Corp, or operate your business under a partnership. The roles of each of these types of business ownership vary from label to label, as do the tax ramifications and benefits. Your tax attorney will be able to lay your options out to you so you know how to continue your business.
You have a lot of real estate or assets
The more assets you have, the more value you have. You want everything to be settled and as tax-free as possible so you can continue to enjoy your assets while you're living, and have your recipients enjoy your assets and estate when you are gone. When you get a tax attorney, they will go over your estate and assets to help you assess value and see where you can make taxes work best for you.
You owe taxes
It happens: taxes can become overwhelming and whether you owe property tax, federal or state tax, or have failed to tax part of your business, you can face repercussions and a financial setback as a result. Your tax attorney can review your case, your financial history, and your current tax situation to help you come up with a game plan to get you back on track. You will want to gather up as much information as you can when you go to your attorney for the first time. This helps them get an idea of what you need and how they may be able to assist you.
Charges vary from lawyer to lawyer depending on where you live and the complexity of the services you need. A retainer is a set amount often required to secure the services of a tax and other types of attorney.