In our last blog, we gave you three reasons why you as a small business owner should hire tax help in the form of a regular tax attorney or tax preparation services. These included keeping state and local taxes straight, sifting through legal paperwork, and figuring out how to withhold tax for employees and what tax documents you need to provide in April. Here are a few more reasons why you should put your tax situation in the hands of an experienced professional, instead of trying to handle it alone:
- There are many deductions available to small businesses, including new equipment, travel, and even bagels and coffee for morning meetings. A lawyer will help you sift through your expenses to find areas where you can legally save, cutting down on your tax bill in April by a significant sum, in most cases. They can also help you avoid claiming things, mistakenly, that can lead to harsh IRS penalties and fines.
- The IRS doesn’t accept ‘I didn’t know that’ as an excuse for incorrectly filing your taxes. You will still be liable for the same penalties, and you can still be the victim of a lien or a hold, if you don’t pay them in a timely fashion. A tax attorney will help you be informed, when you should be, and can keep you from falling into a situation where you have to pay for not knowing as much as you should have. Make sure you consult an attorney before filing, every year, no matter how confident you are.