Our Denver Tax Attorney Explains When to Consider Getting Assistance
Tax issues can lead to serious financial and legal problems. Whether you are operating a business or paying your personal taxes, there are scenarios where you should consider working with a professional. An attorney could help you resolve tax issues if you are a person or business. If you are a business owner, then an attorney could help with recordkeeping, tax form preparation and advice if you are dealing with the Internal Revenue Service (IRS). If you are an individual, then an attorney can prepare and help file your tax returns. Additionally, a tax attorney can help businesses and individuals with tax planning.
Below, our Denver tax attorney discusses common tax-related scenarios where it can help to have legal assistance. Contact our office to learn more about our tax services in Denver.
You Own a Business or Want to Create a Business
If you own a business, then an attorney can help prepare and file federal, state and municipal tax returns for your business. Businesses gain several benefits by working with a tax attorney. Not only could it be easier to file taxes, you would have the peace of mind knowing taxes for your business were filed properly.
Additionally, a tax attorney can maximize after-tax benefits from ordinary earnings (which minimize income taxes) and employee benefits (which minimize employment taxes). Tax planning can potentially help you cut costs.
Creating a business can be difficult. There are certain procedural requirements entrepreneurs must meet. A tax attorney can help you select the best type of structure for your new business. Additionally, a tax attorney can:
- Register with the appropriate state tax agencies. States that have sales taxes require businesses to register. You must regularly pay these state taxes. Otherwise, you and your business could suffer legal consequences.
- Meet withholding requirements. If your business has employees, then you must withhold their federal and state taxes from their wages. You must remit these funds to the IRS and appropriate state agency.
- File returns. You must file annual federal and state income taxes for your business. An experienced tax attorney can brief you on various types of business organizations and how they are taxed.
- Pay unemployment insurance tax. In many states, businesses must register or file with the state agency that is responsible for unemployment insurance benefits. Some businesses must pay this type of tax.
Your Individual Taxes Are Complex
Some individuals should consider working with a tax attorney for filing individual taxes. If you have complex finances, a large number of assets and more than one source of income, then consider reaching out to a tax professional. Mistakes are easier to make when your tax situation is complex.
If your finances are complex, then an attorney may also be able to help you with tax planning. You could provide your attorney with financial statements throughout the year and review tax documents from prior years.
Keep in mind that even if your taxes are not complex, tax laws change. Our attorneys stay on top of these changes so you do not have to.
Contact Us for Tax Services in Denver
Questions about tax services in Denver? If you are a business owner, want to start a business, or need help planning your taxes, then we encourage you to contact us. You can reach us at (303) 625-6280 or use the contact form on our site.