4 Situations In Which You Really Need To Hire A Tax Attorney

In many cases, people can file their own taxes or use a run-of-the-mill tax preparation service to do it for them. The taxes get paid and filed, and if you have over-paid that year, you get a refund. It's simple — or it should be. Sometimes, things go awry or get a bit more complicated, and in cases like these, you typically need to call a tax attorney and hire them for their services. Here are four specific times when you really need to hire a tax attorney. 

1. You're getting audited.

If you received a notification in the mail that indicates you are facing an audit, you will need to contact a tax attorney. The auditing process can be very involved. Sometimes the IRS will only want some paperwork to verify certain portions of your tax return, but other times, they may need to visit your home, listen to you answer questions in person, and so forth. Your tax attorney can help you navigate all of this. They will help you provide the right information so that you hopefully do not end up having to pay more taxes than necessary.

2. You sold a business.

If you sold a business during the last tax year, you will want a tax attorney to at least review your tax return before you send it in. A major transaction like this needs to be recorded in the right way, and you will need to make sure all of the paperwork is filled out properly to avoid an audit.

3. You're paying back taxes.

Did you forget to file your taxes for a few years? Or maybe you recently found out that you underpaid, and now you're going to start paying your back taxes. There is usually a better payback plan than the one the IRS initially proposes, but you will need a tax attorney to communicate with the IRS and make such plans on your behalf.

4. You inherited a large sum of money.

Paying taxes on an inheritance gets really complicated. The amount you pay depends on whether the money was in a trust, how much you inherited, when you inherited it, and so many other factors. A tax attorney can ensure you pay the right amount so you don't later end up owing a large amount of back taxes on the inheritance.

To learn more, talk with a tax attorney

About Me

An End to Debt

When you are over your head with no way out, declaring bankruptcy can be the best choice for your own financial future. Depending on the type of bankruptcy that you declare, this can either mean that your debts are erased, or that they are consolidated and reduced so that you are better able to pay them. Navigating bankruptcy is not easy, and most people cannot do so without the aid of a good bankruptcy attorney. But even before you hire that attorney, you could probably use some basic advice and guidance. That's where this website comes in. We are not lawyers, but we have a lot of helpful advice to offer when it comes to bankruptcy and bankruptcy law.

Search

Categories

Latest Posts

27 February 2020
One of the most common reasons people turn to Chapter 7 bankruptcy is to find relief from credit card debt. If you owe money on your credit cards and

25 February 2020
After missing a payment or two on your mortgage, you should expect to receive a notification from your lender that they are pursuing foreclosure on yo

3 February 2020
If you have found yourself in financial turmoil because of increasing debt, you may feel as though you are struggling to keep up with the basic necess