Few business owners can do everything on their own. Seeking occasional advice from a tax attorney can help businesses continue to grow and succeed. Tax law is complicated. Having a professional guide who can help you navigate these legal waters is essential.
A tax attorney can help in numerous ways
You don’t have to reserve the advice of legal counsel for only those times where you encounter trouble. A tax attorney can help your business in many different situations, including those involving:
- Business formation: An attorney can help explain the tax implications of various business entities. Whether you are considering forming a limited liability company (LLC), a corporation, or a nonprofit, you will want to understand the tax ramifications of each type of business.
- Tax deductions: Running a business isn’t cheap. Tax deductions, such as those for start-up costs and business materials, can mean the difference between operating in the black or the red.
- Employee taxes: A tax attorney can help identify key considerations when it comes to payroll taxes. An attorney can let you know your options for making payments on these types of taxes.
- IRS audits: An audit from the IRS can be anxiety-provoking. However, they aren’t necessarily the end of the world. An attorney can let you know what to expect during this process and provide you with critical tips about how to handle an audit.
- Business sales and dissolutions: If you’ve decided to sell your business or if you’ve decided to close up shop, several things should be addressed. If you sell your assets, there will be tax implications. If you owe creditors, there are other tax issues to consider.
You might not need an in-house tax attorney. However, turning to a legal professional for advice when you need it can help your business operations function more smoothly.