THE MIRROR OF MEDIA

Do You Need a Tax Attorney for Annual Tax Returns?


Many people prepare their own state and
federal tax returns each year using an electronic format or handwritten forms.
Others pay an accountant to do their taxes and sign off before filing them. But
when should you consider hiring a tax attorney to handle your tax returns? Here
are examples of when an attorney who specializes in this area of law might be
needed.

Home Business

If you operate a business from your home, you
will likely have detailed transactions to report on your annual tax returns.
These could include expenditures, profit, losses, and accounts receivable to
name a few. Depending on the type and size of your company or business
dealings, you may need to report employee information and pay certain taxes
related to worker’s compensation and sales tax on products sold. Fortunately,
you might be able to deduct business expenses based on the part of your home
used for your job. A tax attorney can explain the process and help
you complete the forms that are needed for filing taxes.

Estate Management

If you have an estate plan, or if you are
handling the estate of someone who has passed away in the past year, you might
need to file several forms detailing the financial status of their estate. This
can be complicated, so it would be helpful to consult an attorney who deals
with this area of law who can answer your questions and assist with filing the
proper tax returns.

Income Adjustment

If your income changed substantially during the year due to illness, an employer change, or retirement, or other reasons, you may need help figuring out how to submit the correct tax forms. Gathering the right records can be challenging if you are not quite sure what to do. Make an appointment to discuss your income variations, whether gains or losses, with professional tax attorneys. Following the meeting, if you feel you can file taxes on your own, you can take that approach instead.

Financial Circumstances

Since tax returns primarily report your financial
status, holdings, and losses, there may be certain aspects that you are unsure
of. For example, you might not clearly understand whether to claim your college
student son or daughter as a dependent. Assessing your investment portfolio or
a rental property that you own might also raise questions. Medical deductions
on tax returns can vary significantly. A tax attorney can provide valuable
information to help you file your taxes correctly.

Don’t take a chance on filing incorrect tax
returns and getting audited. Make sure you know how to file the right forms or
contact an experienced tax attorney for assistance.

Print Friendly, PDF & Email





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *