Tax season is the definition of stressful for many folks. This time does not have to be filled with confusion and dread. Turn to the best tax lawyers in your area and be sure to ask them about the following topics.
1. Business Deductions
It’s common for business owners to struggle to figure out what qualifies as a business deduction. For example, your home office can be deducted as a business expense. However, that only qualifies if you do the majority or 100% of your work in your office. Tax lawyers can fully outline which items and assets in your organization are eligible as business expenses.
2. Claiming Foster Children
Taking a foster child into your home is a valuable and meaningful process. However, there can be a few questions regarding how this changes your tax season. A legal professional will have a strong grasp of the most recent tax laws and can determine whether you qualify for certain tax credits. They’ll also review your paperwork to see if you can claim a child as a dependant.
3. Getting Charity Deductions
Ensuring you receive the proper deductions for donating to charity is important not to miss. One year, you may get a 100% deduction for donating cash to charity. The next, you’ll discover you only get 50%. The best tax lawyers can help you optimize your tax strategy and charitable deductions to ensure you pay the exact amounts you owe.
4. Tax Court Representation
Sometimes, your tax debt gets away from you. You may find yourself headed to court to deal with your tax obligations. However, you don’t have to face this stressful situation alone. The best tax lawyers will work with you to build a strong case, ensuring the best possible outcome. These professionals will ensure your rights are protected throughout the process.
5. Being Audited
The IRS can audit business taxes going back three years. This organization can collect back taxes going back ten years. Being audited involves producing everything possible from those years regarding your taxes. This includes verification of deductions, expenses, and even business trips. You may have to prove that a child lived with you because you received the earned income credit.
Taxes do not have to be overwhelming to handle with the help of professionals. Michael C. Whelan JD CPA is here to provide you with the services you need. Contact us to schedule an appointment today.