Small businesses have a great deal to worry about. From payroll, to public relations, to maintaining client relationships, small business owners have to navigate a variety of challenges on a daily basis. One of the most complex challenges that small businesses face is taxation.
Filing individual tax returns is complicated enough, but filing taxes as a business can be considerably more complex. In order to help your business get through the process, you would be well-served by hiring an experienced tax lawyer.
Interested to know how your small business can benefit from a tax lawyer? Read on to find out!
1. Receive Expert Advice
Small business owners need to be cognizant of a number of significant tax issues. Most notably, you must file taxes for your company, as well as withhold taxes for any employees on your payroll.
If you're not well versed in the tax issues which impact small businesses, you'll be vulnerable to mistakes and errors, and possible interest and penalties for failure to comply with the tax filing requirements.
By bringing in a professional and experienced tax lawyer, you'll have expert knowledge and advice on your side. This will ensure that you're doing everything in accordance with the tax code and other legal parameters.
2. Save Time
If you're not familiar with it, tax code can be very challenging to sift through and understand. To put it succinctly, correctly preparing and filing tax documents takes a great deal of time and knowledge.
As a small business owner, you know that time can be scarce. You've got a lot to do, and only so much time to do it.
Wouldn't it be great to eliminate tax preparation from your workload entirely?
With our expertise, you can. Our team of tax lawyers can prepare and file all of your tax forms for you, freeing you up to run your business.
3. Avoid Audits or Reduce their Cost to your Business
For many small business owners, few words inspire more panic than "you're being audited." Generally, businesses find themselves under audit with greater frequency than individuals.
There are a number of things which can trigger an audit, including excessive deductions and reported losses. Sometimes, it's just because your business practices fit a profile that the IRS has decided to examine. Because of this, you'll want to make sure that your business tax return as is accurate as possible.
Having a tax lawyer on your side will ensure that you're only claiming the deductions your business is entitled to and that your tax returns will be filed accurately and timely. Properly filing your business tax return will give you the best chance of avoiding an audit.
4. Optimized Deductions
All else being equal, the more money your business earns, the more it's going to pay in taxes.
However, there is a way that you can reduce your business's overall tax burden: utilizing all deductions your business is entitled to.
Our tax lawyers will know exactly which deductions your business is able to take advantage of in order to minimize your tax burden, while also preventing you from writing off deductions your business isn't entitled to, reducing the chance of audit.
5. Legal Defense
If your business is audited by the IRS, it's ideal to have an attorney on your side who knows your business as well as you do.
Why use a lawyer? The 7th Circuit says that the returns themselves and the underlying receipts and other documents are discoverable. But, what you tell us about them is not; it is protected under attorney-client privilege.
And we're here for you all year long, should you need a lawyer for your business, estate planning or other reasons. Once you become a client, you in effect have us on retainer.
We can represent you with the IRS, and if it goes farther, in tax court or any other higher court your case might reach.
By retaining a regular tax lawyer, you will have an advocate who knows your company's finances inside and out. Having this extensive knowledge will allow for the best legal defense possible.
Looking to Hire a Tax Lawyer for Your Small Business?
If your small business is looking for a tax lawyer, and you're based out of Chicagoland, John J. Pembroke & Associates are here to help.
Located in Park Ridge, Illinois, our law firm consists of attorneys who possess decades of experience in their fields. We are able to assist your small business sort through any tax problems which may arise.
Contact us today to schedule an appointment!