As so many tax laws are changing during the COVID-19 crisis, help from a tax attorney can be beneficial. In other words, you might have tax-related questions that a tax debt attorney can help with. Fortunately, the IRS has created a number of new measures to help taxpayers during the crisis. Unfortunately, these new tax laws and measures can be hard for the typical taxpayer to understand. However, the tax attorneys at FinishLine Tax Solutions are here to help with any COVID-19-related tax needs. But, how can a tax attorney help with COVID-19 related tax issues? In this blog, we’ll help you understand how and when you should consider hiring a tax attorney.
Do I Need A Tax Attorney To File Taxes?
If you need to file taxes, a tax attorney or accountant at FinishLine Tax Solutions can help. However, accountants are typically more involved in the financial side of your taxes. In contrast, a tax debt lawyer can help with the legal side of your taxes. Depending on the result of your taxes, a tax attorney can be a lot of help. For instance, if you find out you owe more than you can pay, a tax attorney can help. During the COVID-19 crisis, the federal government is offering different tax relief programs to taxpayers. While it can be hard to stay up to date with all the new rules, we can help. We employ tax attorneys and accountants that can help you file taxes. Even though the filing deadline has been extended, we encourage you to file sooner rather than later.
How Can A Tax Attorney Help Me?
A tax attorney can help you if your tax situation needs legal help. For example, if you are under an IRS audit, a tax attorney can represent you. Furthermore, if you own property overseas, a tax attorney can help you. In other words, there are certain exemptions you can take advantage of depending on your tax situation. The average taxpayer may not be aware of the different exemptions available. Therefore, working with a tax attorney can often get you the most out of your taxes. Furthermore, the world of taxes is going to be a different thing once the COVID-19 pandemic is over. You’ll want a tax attorney’s help to see if you qualify for any relief resulting from the pandemic. Here are some other instances where a tax attorney may be helpful.
Taxes When Buying or Selling a Business
If you are buying or selling a business, help from a tax attorney can be beneficial. You will want a tax allocation that maximizes capital gain if you’re selling a business. But, if you’re buying a business, you’ll want a different tax allocation. In other words, when buying a business you’ll want to recover the purchase price faster through depreciation. Setting a business up tax-wise can be complicated for the average taxpayer. Fortunately, this is an area of taxes that many tax attorneys have experience in. The professional tax attorneys at FinishLine Tax Solutions have helped many individuals buy and sell businesses. If you’re in the middle of buying or selling a business, contact an attorney.
Taxes to Set Up A Business
The tax attorneys at FinishLine Tax Solutions have tons of experience helping business owners set up their companies. Starting a business can be complicated for taxes. Fortunately, FinishLine Tax Solutions specializes in businesses. Our tax attorneys can help you anticipate potential tax incomes. In other words, your tax incomes will differ depending on how you set your business up. For instance, an LLC is treated differently for taxes than an S-Corp or C-Corp. This level of complexity is often outside of a normal taxpayers’ experience. Therefore, the tax attorneys at FinishLine Tax Solutions can help. Our tax attorneys can also help you with setting up your business type. For instance, you will have to choose between an LLC, S-Corp, or C-corp. We can help you go over the pros and cons of each business type. Furthermore, we can help you understand how each business type can impact taxes.
Taxes when Leaving Money or Property to Heirs
A tax attorney can also help when you’re leaving money for family members in your will. Additionally, a tax attorney can help if you have a property you want to leave to family in your will. Some tax attorneys also specialize in estate planning, which will be especially helpful here. If you’re leaving over $11 million, you will need to file an estate tax return. This can be especially difficult to understand if you’ve never filed one before. Therefore, seeking the help of an experienced tax attorney can save you a lot of time. Furthermore, if you don’t have $11 million, it can still be a good idea to consult a professional.
Been Accused by the IRS? Hire A Tax Attorney
You also want to hire an attorney if you’ve been accused of doing something wrong. For example, these may be some potential scenarios when you want to hire an attorney.
- If you are under an IRS audit. But don’t worry, an IRS audit doesn’t always mean you’ve done something wrong. However, it is an investigation into your financials by the IRS. In other words, the tax audit should be taken very seriously.
- Additionally, you may want to appeal your IRS audit if you are under one. In that case, a tax attorney can also be very helpful. Moreover, an attorney can be extremely helpful if you are being taken to court over your audit.
Owe Back Taxes To The IRS? Hire A Tax Attorney
In some cases, you can handle paying and filing back taxes on your own. This is especially true if you have the funds to settle your tax debt. However, if you owe a significant amount of money, hire an attorney. The federal government has put in place a number of tax relief measures for taxpayers. In other words, if you’re worried about paying back taxes during the COVID-19 pandemic, hire an attorney. Our attorneys specialize in all kinds of tax laws and are here to help. If you find yourself in a stressful financial situation due to taxes, get help. Hiring an attorney can mean the difference between financial debt and financial freedom.
- FinishLine Tax Solutions is a full-service, fully accredited tax resolution firm in Houston, TX, assisting companies and individuals nationwide in resolving tax problems with the IRS. We specialize in areas of back taxes such as IRS wage garnishments, IRS bank levies, and unfiled tax returns. Our team of experts comprised of licensed Enrolled Agents, CPAs, & IRS Tax Attorneys can assist you with IRS Audit Representation and Tax Planning. We are one of the leading tax resolution firms in the nation and your go-to tax relief firm that can take you to the Finish Line. Call us today to learn more about our tax relief process and tax resolution services.