Tax Law and Tax Lawyers
Many people think of tax law in terms of filing their annual 1040 when in fact a tax lawyer can help them with many other things, from setting up retirement accounts and planning estates to allocating charitable gifts and doing much more!
If you need help with your income taxes, a tax lawyer can be of great service. In addition to preparing complex tax returns and negotiating with the Internal Revenue Service to reduce penalties for unpaid taxes or late payments, a tax lawyer can teach you about the dangers of tax fraud and help you become aware of common schemes. And when it comes to navigating the hundreds of pages in the Internal Revenue Code, a tax lawyer can be an excellent guide.
Tax lawyers know that state, federal, and even local taxes impact your finances in ways that most people never think about. For example, if you want to set up retirement accounts that you can eventually withdraw money from, a tax lawyer will know how to help you do so in a timely and an efficient manner. A tax attorney can also help you plan your charitable giving and gifts to your family in a way that minimizes the tax consequences to you and to the recipient. If your estate planning is complex, you may need input from a tax lawyer to make decisions about trusts and bequests as well.
If you're self-employed, you may need advice from a tax attorney on how to plan your self-employment tax payments. For example, did you know you'll pay a higher rate than that deducted from your paychecks as an employee, and you may have to make payments quarterly instead of annually? And if you have other employees in your business-even one-then you may need advice on withholding taxes and the employer contribution. A tax lawyer can help you understand those processes and make sure that you don't incur any penalties.
Even sales tax can be complex when you're purchasing high-ticket items, particularly if you purchase them outside the state where you reside, and may impact your income taxes as well.
If you have tax issues, whether those issues relate to income taxes, employment taxes, retirement accounts, estate taxes, or sales tax, get advice from a tax lawyer. Tax filings and payments are subject to strict deadlines, and in many cases interest and penalties apply if those deadlines are missed. Get the information you need from a tax attorney before problems arise.