Corporate Law,  Tax Law

The Top 3 Financial Tips a Tax Attorney Will Share With You

Income Tax

People think that tax attorneys should only be hired for their service when you are having problems with the IRS. But, there are also other instances when they can be of help when you are not in trouble. When it comes to estates, they can be of service. Also, if you are planning to start a business, you need to consult a tax attorney.

You can actually get a lot of advice from tax attorneys, some of them you can read below.

Pay your taxes on time

You may be hearing this time and time again, but there really is a need to emphasize this. There are so many people who do not pay attention to when they should file their tax returns and therefore have back taxes. You need to be aware of when the deadline is and make sure you pay your taxes on time. If you know that you are not able to do so, you can actually file for an extension for your federal taxes, but do note that you still need to pay your taxes, it’s just the filing that is extended.  If you fail to pay your taxes on time, you will be faced with penalties and charges, and it will become a hassle for you to fix that situation. Don’t ever ignore the warning or calls of the IRS to remind you of the taxes you have not paid. Doing so will only exacerbate the problem and you may have a hard time negotiating with them

Don’t ever falsify any information

Any official, not just a tax attorney would give this reminder to everyone. Misrepresenting your income can lead to very serious ramifications. It may be tempting to do something about the numbers on your tax returns just so you can get a higher tax refund but it will not be worth it if you undergo an audit due to what you did. Undergoing an audit is tedious, and when discrepancies are found, you could end up owing more than the amount you got as a tax refund. Aside from that, if the error was found, you will be faced with penalties that you don’t really want to deal with. Most of all, you might be facing criminal charges. Even if there is a small percentage of that happening, you need to ask yourself if the little lie is worth all that hassle. So it’s better that you save yourself that hassle and trouble and give accurate information on all your tax reports.

Know what your rights have

If ever you have neglected to pay your taxes, there is still a way to resolve the problem without the need for you to get criminal charges. You need to know what your rights are. You can get the services of a tax attorney to help you navigate through the process of the IRS. Just make sure that you get one that is highly-competent of course. Also, keep in mind that it may vary in some states. So if you live in Columbus, Ohio for example, better get a tax attorney Columbus Ohio who can help you with your issue.

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Aaron Gordon is a writer for various blogs.

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