Most people want to have a tax experience that is free from hassle. While they may feel comfortable going to a CPA or tax preparation service, most individuals may shy away from going to a tax attorney in Vinton, IA. If an individual has a very straight-forward tax preparation process, they may not need to hire a tax attorney. But there are at least three good reasons to consult with an attorney when preparing taxes.
Owing Estate Taxes
The IRS places an estate tax on any property that costs more than $11.58 million. For married couples, that figure increases up to $23.16 million. The estate taxes can be up to 40% of the cost of the estate. Anyone who has inherited a property worth that much will be required to navigate potentially confusing laws when paying estate taxes. But having an experienced tax attorney will help individuals figure out the best way to manage their estates in order to save millions of dollars.
Beginning a Business
For those who are just starting a business, consulting a tax attorney is very vital in order to determine exactly which type of business will be best come tax time. Deciding between LLC, individual proprietorship, C-Corp or S-Corp have very different tax responsibilities. Although a business attorney may be able to assist in this arena, specific tax-related questions may necessitate the experience of a tax attorney.
Accusations by the IRS
If the IRS accuses someone of doing something illegal or incorrect on their taxes, this is definitely a time to consult with a tax attorney. Following an audit, tax attorneys can help individuals file appeals or represent them in court if the IRS insists that the taxpayer owes more money to the government.
