When you are ready to file taxes, you can file online, or you can choose to use a tax attorney. Both methods have benefits, though those with more complicated tax scenarios might be better off filing with a business tax attorney; unless they have extensive knowledge of tax law. Regardless of which method you choose, you need to gather all documents, including receipts, 1099s, W2s, and other proof of income.
Filing Online
Filing online is a money-saving method if you don’t have a complicated tax scenario. Various companies have questionnaires that take you through the entire process, even if you are self-employed and have a home office. Some of the online tax filing software also allows you to “hire” a tax professional to review your taxes. For a little more money, you can also buy a guarantee that if the IRS audits you and finds something wrong, the tax prep company will pay any fines for errors you make.
Also, with filing online, you can take your time going through your receipts. If you lost one, simply save your work to look for the missing document, then go back to it later. Other benefits of filing online include:
- Getting your refund faster.
- The programs do the math for you.
- The programs make it easy to file your taxes because it asks questions about your finances.
- You can file from anywhere.
One of the cons of filing online is that you might not know which deductions you can take to lower your tax burden, and if you don’t know where to look for it in the tax program, you could miss it. Another con is that if you are audited, you may have to work with the IRS on your own, unless you hire an attorney to help you through the audit.
Filing Your Taxes with Tax Attorneys
When you use business law attorneys to file your taxes, it’s effortless for you – just give the attorneys all of your documentation and wait for them to complete your taxes. If you’re an independent contractor, this is especially beneficial during quarterly business taxes. The downside of using tax attorneys is that is is more expensive than filing online. However, if you have a complicated tax scenario, it’s worth using a tax attorney or business law attorney to file your taxes. This is because:
- Tax attorneys and business law attorneys know the tax law.
- They understand complex tax scenarios, such as owning real estate or filing for those that have extra tax burdens, such as federal estate taxes, gifts used to lower your tax burden, taxes for trusts, and other complex scenarios.
- An attorney knows all of the deductions you can take to lower your tax burden.
- If you are being audited, your attorney can give you the proper tax advice.
- If you are audited in the future, your attorney will have all of your tax records and can work with the IRS on your behalf.
One of the cons of using a tax attorney is that it may take longer for the attorney to complete your taxes, depending on the workload and the complexity of your situation. However, the benefit of knowing your taxes are done correctly far outweighs the little bit of extra time it takes to get your taxes filed, especially if you are paying instead of getting a refund.
Hiring A Reputable Tax Attorney
Tax laws change every year, making it difficult for some people to do their taxes. A tax law attorney can help you file your taxes since they keep up with the newest tax laws. If you have a business, own a lot of real estate, have a trust that needs to pay taxes, or any other situation that might make filing taxes a complicated task, contact Belinda France for a consultation regarding your tax situation. If you are being audited or if you believe you may be audited in the future, hire a tax attorney to give you peace of mind with your finances.
