Why Do Small Businesses Need Tax Lawyers Near Bethesda

Posted by Longman & Van Grack LLC on February 19th, 2021

Many people who start a small business whether they are entrepreneurs or not, don’t think about hiring a tax lawyer. Usually, small business owners feel they don’t require one. But hiring a Tax Lawyer near Bethesda is one of the most brilliant things you can do for yourself and your business. Tax Attorneys can help you trademark your name or protect your newly established company, and they can help you in tax planning. 

Tax planning is analyzing a financial situation or a plan to ensure that all elements working together will allow you to pay the lowest tax possible. It is a method that decreases the amount you pay in taxes is referred to as tax efficient. Tax planning should be a critical part of any individual investor’s financial plan. Hiring a Law firm in Bethesda, MD, can be very beneficial for your business. Reducing tax liability and maximizing the ability to chip in for a retirement plan is crucial for success. 

The Advantages Of Having A Tax Lawyer 

If you ever have to go in front of the IRS, you will require a Tax Attorney. There are many advantages to this, but the most significant benefit is the peace of mind and knowing that you are not taking any avoidable risks with your personal and professional liberty. But that is not the only logic for hiring aTax Lawyer near Bethesda. They are useful in providing your business with a framework to help you schedule your tax reports, payments, and any special filings required. Furthermore, a Tax Lawyer can represent you legally fro any tax-related matters. 

When To Hire A Tax Lawyer? 

The following are circumstances that would be a great time to have an attorney to help you out,

• Figuring out your business and self-employment taxes 

• If you have high tax liability or assets in need of special protection

• When the IRS is ignoring your attempts to correct a mistake. 

A Tax lawyer will guide you through the confusing IRS documents, and there are almost two thousand different IRS forms and publications to go through. 

Ways For Small Businesses To Reduce Their Taxable Income 

Taxes can be very stressful for a business owner. No business owner wants to give more of their hard-earned money to the government as tax. There are ways to reduce your taxable income,

• Employ A Family Member 

This is one of the best ways to reduce tax. The IRS allows a variety of options, all with the potential benefit of sheltering income from taxes, and you can even hire your children. 

• Starting A Retirement Plan 

Several retirement options will maximize your savings and reap tax benefits. For example, with one participant 401(k) plan, the IRS allows you to put away up to ,000 in total for your retirement.

• Changing Your Business Structure 

Small businesses do not have the benefit of an employer paying a portion of your taxes. You are the one and only person responsible for your social security and medicare taxes. For some small businesses, it might be a smart switch to LLC’s, you still have to pay taxes, but you may be able to eliminate the employer-half of those two tax responsibility. 

Tax Disputes  

The IRS sends preliminary information about an audit if you receive one contact your Lawyer immediately. 

A Tax Lawyer can:

• Speak with the tax agency on your behalf 

• Be present during the audit.

• Help with the negotiation for a settlement.

• And make sure you do not overpay 

If you ever ignore notifications from tax agencies, you could be charged with criminal charges. A lawyer can help you avoid charges or defend you if the charges are stacked against you. The perfect thing to do is hire a Tax Lawyer from a reputed Law firm in Bethesda, MD.

Can I Represent Myself? 

Many people often have this question in their mind, yes taxpayers are allowed to represent themselves. But, you need to understand that many taxpayers who want to deal with the IRS find it frustrating, time-consuming, intimidating or all of the above. That is precisely why they choose a Law Firm Bethesda MD, to contact and negotiate with the IRS on their behalf. 

To conclude, your business will benefit from hiring a Tax Lawyer near Bethesda. They provide additional benefits besides setting up your tax structure, saving you the trouble with the IRS and obligations.