Small business owners often need to find ways to cut down on their expenses, but cutting down on tax help will end up increasing your expenditures, instead of decreasing them. Here are a few reasons why you should hire a tax attorney to help with your small business taxes and accounting services:
- State and local taxes can be confusing, since different activities can bring about different tax responsibilities, depending on your location. To avoid IRS penalties and other tax issues, employ the help of a regular tax lawyer to navigate your way through each level of your tax return.
- Doing small business taxes can take forever, since the IRS code and Treasury regulations are so expansive that they fill more than 1,700 pages of small legal print. Tax lawyers have spent their entire career studying these pages, and helping individuals and companies in your position to navigate their tax situations, and they can help you, as well. In fact, it will take them a fraction of the time it will take you, while alone, you may have to spend weeks pouring over tax material. This is time that can better be spent elsewhere in your company.
- Figuring out who is an independent contractor, who is an employee, and more, can be confusing, but a tax attorney can easily guide you through the distinctions to the right distribution of tax documents. They can also help you find out if you are an employer, an employee, or both, if you own and operate your business alone.