Being in small business means having your tax situation in something of a state of flux. The fact of the matter is that the tax laws are constantly changing. A new administration takes over and tries to implement whatever small business tax agenda it believes in, and suddenly the way you’ve been doing things for the past several years has to be totally reworked. Add in factors like maintaining your unemployment taxes for your employees, and the tax situation for a small business can become quite a mess. It’s no wonder many small businesses consult not only with a bookkeeper or an accountant, but a tax attorney, as well.
Here are a few reasons why you want to make sure your small business has access to a qualified and reputable tax attorney:
- It saves you time. Yes, you might be able to do your homework and learn everything there is to learn about your tax obligations. Or, you could be out there doing the work that your small business needs to be done. By hiring a tax attorney, you free up your time to focus on your business.
- A tax attorney clarifies your reporting responsibilities. What you don’t want to do is get stuck with a huge tax bill and no way to pay it. The government just doesn’t like it when you do that. A tax attorney will help clarify what you need to report, what counts as income, and when.
- State taxes can be more complex. A tax attorney can help identify the obligations of doing business both inside and outside your state.
- Employee taxes are a bear. Even if you’re the only employee, there are complex tax roles at stake here. A tax attorney helps you work your way through this mess.
- A tax attorney protects you from ignorance. The fact of the matter is that the IRS won’t cut you a break just because you say you didn’t know about a particular tax obligation. That’s just not how it works. A tax attorney helps cover your butt so that you know what has to be done and when.