According to the IRS, any small business that has annual gross receipts that are less than $25 million over a three-year period is able to use the cash method of accounting per a new tax law introduced in 2018. Tax attorneys provide business owners with the guidance they need to navigate the United State’s often confusing tax code. If you own a business, then it’s a great idea to hire a dedicated tax attorney. Let’s take a closer look at why.
Knowledge of Deductions
Knowing which deductions are appropriate for your situation can be a bit of a challenge. Tax attorneys help their clients realize all appropriate deductions that are available to help them decrease their tax burden. You’ll no longer need to second guess yourself or overpay your taxes. It’s a win-win.
Doing your business taxes yourself can take a lot of time and effort. You’ll also experience a lot of stress in the process. One of the greatest benefits of bringing in a tax attorney is the time saved. Rather than trying to learn how to manage a confusing tax code, you’ll have more time available to focus on your core business. Part of running a business efficiently is knowing when it’s time to stop doing everything yourself and enlist the help of experts. If you’ve been feeling overburdened as a business owner, then hiring a tax advisor is a great step forward.
Another great benefit of working with a professional, is the planning services they offer to you. This type of planning can help you avoid non-payment fees, fines, and interest. If you’ve already gotten yourself into a situation where you owe back taxes, then a tax professional can help you to remedy the situation and often save you money in the process. Tax planning is a key part of good business ownership. Without a strong plan in place, you may find yourself and your company missing out on potential growth opportunities.
We’re the local tax attorneys to call for help with your business. Owning a business requires a lot of hard work and dedication. Why not hire a professional who can help you run your business in a cost-effective manner? We can help you minimize your tax burden while you stay compliant with all tax regulations. Contact our office today to schedule an introductory consultation.