In today’s business landscape, more startups are launching. Opening a company boasts of being a relatively straightforward investment; however, company taxes can, at some point, present complications for the average small business owner.
An Atlanta GA tax attorney is not a CPA – certified public accountant, nor is they actuaries. Lawyers don’t prepare taxes but will file them and represent clients in tax-related claims.
These professionals are well versed in IRS regulations and vigilantly research to stay current on tax laws to adequately guide clients through complex tax issues and avoid major problems when tax season arrives.
How can a tax attorney work for your small business where other professionals, like a CPA, may not be as effective? Let’s explore reasons you should consider adding an Atlanta lawyer to your small business team.
Are You Prepared to Handle Your Small Business Tax Concerns
Atlanta tax attorneys provide small businesses with tax security based on their vast knowledge. From the moment the business plan is developed through growth and expansion, qualified legal counsel ensures its compliance and will represent the company if repercussions arise from inadvertent tax indiscretions.
The lawyer uses IRS mandatory regulations to help business leaders plan taxes and determine what is owed, allowing proper report prep and payments. A tax attorney can benefit a small business in numerous ways that a CPA cannot, specifically their knowledge of the tax laws, the legal and tax structure.
Visit https://www.hg.org/legal-articles/tax-attorney-atlanta-what-are-the-key-differences-between-a-tax-attorney-in-atlanta-and-account-49552 to learn the key differences between a tax lawyer in Atlanta and an accountant.
Here are reasons to consider adding an Atlanta attorney to handle your small business tax concerns.
The advice
The Georgia tax lawyer follows the IRS guidelines to help small business leaders maneuver complicated returns. The objective is to stay consistent throughout the year instead of scrambling at the last minute when deadlines grow near.
A well-versed professional will provide sound advice, such as keeping organized records by the month and quarter. You can expect repercussions if estimated taxes are neglected on roughly the 15th of January, May, June, and September each year. The lawyer will ensure you stay current.
When your tax obligations are well handled, you can focus more on your efforts or core company operations.
The expertise
Aside from a thorough understanding of IRS regulations, tax attorneys are overall knowledgeable on business. This is particularly beneficial for a new company as it gets started, transforms, and steadily grows.
Regardless of your niche, a lawyer contributes valuable expertise to guide you over those rocky first few years when many new businesses struggle to survive against fierce competition.
Each business is unique in its operation requirements; your tax attorney will make your financials, records, and forms distinct to your company and address specific concerns accordingly.
The records
It’s helpful to have a professional to review records to minimize the possibility of mistakes and ensure that each document is fully prepared. Incomplete filings or mistakes can result in documents being returned, audits, or penalties.
With their expertise, lawyers can scan a document and readily find issues. They also scan records with specific software to capture errors. These proofreading efforts ensure that filings are only submitted when the documents are complete, and errors are corrected.
The indiscretions
Mistakes can inadvertently happen when starting a small business, such as failing to file tax returns. When substantial time has passed, these can’t be filed online. A lawyer must file paper returns to get the taxes recorded and catch you up.
Once the taxes are on the record, the professional can negotiate a settlement for the balance due. They will also investigate to learn why the taxes were left unfiled to help with the issues that led to that error.
Cost-efficient
Some small business leaders are hesitant to invest in hiring legal assistance, considering the hefty operating costs they deal with in the beginning. In fact, many don’t realize the savings an attorney allows a startup by cutting tax errors, avoiding audits, finding deductions, and merely ensuring taxes are paid on time.
Business owners lack legal expertise or a thorough understanding of taxes to avoid potential mistakes. It takes substantial time and a learning curve to become familiar with the regulations, and then these abruptly change.
With this aspect of the business consuming your time, core operations suffer and can cause the company to lose money.
Investing in a legal expert from the start gives you peace of mind that your taxes are expertly handled, and you can focus on growing your company. Go here to learn when you may need a legal expert.
The deductions
In that same vein, your newly hired attorney will do due diligence in helping to reduce your tax bills. The professional will scour your records to ensure you benefit from each deductible. You could have quite a few for which you may not know you’re eligible.
Periodically, these can change with temporary and new deductions that lawyers make sure you are fully aware of.
The primary objective of a startup is to grow its income. As a core part of your team, this becomes a tax attorney’s aim, keeping you on top of your goals to ensure you thrive well into the future.
The privilege
Company records, business conversations, clients’ sensitive details, anything pertinent to a small business operation must be kept confidential. Legal experts are held to client-attorney privilege allowing you to speak freely with questions and concerns related to taxes and running the company.
Final Thought
An Atlanta, Georgia tax attorney is not a CPA, nor are they high-profile litigators. These are all exceptional professionals with distinct advantages in their roles. For the entrepreneur pursuing a startup, the tax lawyer deciphers IRS regulations to handle complex taxes.
While this legal expert is busy finding deductions, reducing tax bills, meeting deadlines, and reviewing documents for completeness and errors, you can focus on running the business. When partnering with the right Atlanta tax lawyer, you’ll share goals you constantly strive to achieve.