If there’s something no one looks forward to, it’s completing their required income tax forms. Part of the reluctance for most people is certainly the complexity of the forms. In many cases, the instructions aren’t of much help. However, when you make big mistakes, the US government will still hold you accountable. For many reasons, you may need professional help when filing your taxes.
You Have Been Audited Before
An audit occurs when the IRS suspects either serious error or fraud in your returns. This process will involve the examination of your accounts, income or assets to ensure that the information you provided the IRS is actually correct. Experiencing an audit can be extremely stressful. Many people have gone to prison over the results of an audit. If you have experienced an audit before, you should absolutely hire a tax lawyer to help prepare and file your income taxes. That legal cushion can help protect you from having to undergo another audit.
You Want to Lower Your Tax Burden Legally
The US government has allowed for many different ways to lower your tax burden. This can be done through the use of things like deductions and credits. However, how to use these credits and deductions properly can be a mystery in and of itself. You may have experienced this if the IRS disagreed with one of your previous deductions. Overall, the law can be murky and complicated. It may be best to use an attorney to help in such situations. This is especially the case if your income places you into higher tax brackets. The deductions and credits you obtain could end up saving you thousands of dollars.
You Run a Business
Business taxes are certainly more complicated that individual tax returns. If you are a small business owner, tackling your taxes on your own can be quite the hassle. You may have the information you need regarding your business’s revenues and expenses. However, when it comes to filling out the form, you may still have a lot of trouble. There can be a lot on the line in regards to paying your quarterly income taxes. Businesses are certainly much more likely to get audited than individuals are. Working with a professional can ensure that everything is taken care of so you don’t have to worry.
Overall, tax forms are complicated. It can be even more difficult when you have a complex legal situation or want to successfully lower your tax burden. If you have any question regarding whether you can correctly fill out the forms, don’t be afraid to work with professionals to help you do so.