Tax season is in full swing! Now is the moment of truth: How well did you plan ahead to keep your tax bill as low as possible? If your answer is, “I could have done better” or “I owe too much,” it’s never too late to create better habits. Want a better outcome next year? You should consider hiring a tax attorney in Colorado to help reduce your tax risk. An experienced tax attorney will save you time, energy, and most importantly… MONEY!
Learn exactly what you stand to gain by working with an attorney who specializes in tax law.
Top Benefits of Hiring a Tax Attorney in Colorado
Consulting a tax attorney can have many benefits, but what exactly are they? While the advantages vary based on your needs, there are some benefits that you can find across the board from any quality tax attorney.
1. Save Time
A good tax lawyer can help you avoid mistakes that could cost you thousands of dollars in penalties and interest. They are experts in the interpretation and application of tax laws and policy updates, so your tax lawyer will help ensure you don’t miss important changes or new opportunities. Even if you happen to be in the (very) slim minority of people who find tax law interesting, who has the time for legal research and staying up to date on the ever-changing tax code? When you have a legal expert on your side, you’ll save not only money, but precious time.
2. Avoid Penalties & Interest
The IRS has strict rules about charging interest and penalties you owe on any late payments. If you owe money to the IRS, it’s best to pay as soon as possible. A tax attorney can help guide you as to how to avoid those types of penalties in the first place by providing careful planning so your tax-saving strategies are less likely to raise red flags.
3. Know What You Need to Pay
If you’re uncertain about which taxes you may be liable for, a caring tax attorney in Colorado can properly determine which ones apply to your situation and help you understand why. This way, you won’t accidentally overpay or underpay. Many business owners have misconceptions about which deductions apply to their situation or how the deduction works. This can lead to making purchases intended as tax write-offs, only to later discover that that item doesn’t actually qualify. Why not work with a tax attorney and be certain?
4. Get Help with Other Legal Issues
It’s possible that you may need to handle disputes related to your tax obligations or other business dealings, such as creating or dissolving a partnership. In these types of situations, a tax attorney can help you navigate through those rules and processes for outcomes that benefit you as much as possible. At Fusion, we offer Audit Defense in all of our Empowerment Tax Packages. This means our tax attorney will help mitigate your audit risk and provide support, should a tax return that we’ve prepared be selected for an IRS audit.
Should the IRS come knocking, having a licensed tax attorney at your side, means having the support of a knowledgeable, confident advocate to defend you. At Fusion Legal & Tax, our seasoned tax attorney has over a decade of experience in negotiating with the IRS.
5. Keep Records
Tax attorneys keep records of everything they do for their clients. These records include correspondence, notes, contracts, etc. They also keep track of every step they take during the process. This allows them to provide a paper trail to further validate your case, if needed.
Trust Fusion Legal & Tax as Your Tax Attorney in Colorado
Tax considerations affect every aspect of running a small business, including profit margins, cash flows, compliance, and succession planning. That’s why our tax packages include not only CPA services, but also legal services related to tax obligations. With an advanced tax blueprint, compliance sessions, and more, you receive the guidance and support necessary to level up in new and exciting directions.
We know that comprehensive legal and financial advice in Denver doesn’t happen overnight or during one meeting. In order to effectively reduce your tax obligations and liability, you will need a tax reduction strategy from experienced professionals in the industry. At Fusion Legal & Tax, our experienced tax attorney is available to provide reliable tax advice throughout the year, as your business evolves and grows. Contact Fusion Legal & Tax today and get started with one of the best tax attorneys in Colorado.