(Newswire.net — February 21, 2018) — We have all heard of cases where celebrities who made fortunes but lost much of it due to tax issues. While some of them usually evade taxes knowingly, there are others who do so unknowingly and then come face-to-face with the ruthless nature of tax laws. But it’s not only celebrities who have to deal with tax issues, ordinary people too find themselves in tax situations that can best be sorted out with the help of a tax attorney. To ensure that you never get into serious problems with the law with regards to taxes, here are 3 signs that should trigger you to seek a tax attorney.
1. You anticipate to have a taxable estate
Under U.S law, a taxable estate is one that is worth over $5.49 million for individuals or $10.98 million for married people. The law states that such an estate should be taxed to the tune of 40%. That’s a huge amount of your life’s work, being taken by the government. If you have assets that are valued in the range that qualifies for estate tax, then you most likely need a tax attorney. A good tax attorney such as http://deanhineslawyer.com/ can help you come up with a strategy that can reduce the value of your estate, and avoid the estate tax. This way, you can pass over to your generations an amount that is equal to your work’s worth, not just a fraction of it after a good chunk is taken away by the government.
2. You want to start a business
When starting a business in the U.S there are tax ramifications, depending on the business you are starting. For instance, the tax requirements of a sole proprietorship business are quite different from those of a registered company. That’s why if you are looking to start a business, you should engage a tax attorney, who can enlighten you on the different tax requirements. A good tax attorney should be in a position to advise you on the best model that fits with the business you are looking to start. After all, if you can manage to do business without incurring high and unnecessary tax liabilities, the better for your bottom-line.
3. You have legal issues with the IRS
This is the most critical sign that you need a tax attorney. Problems with the IRS can lead you to lose your property or even jail-time. We have all seen these two scenarios happen to some famous people all too often. To avoid any of these two catastrophic scenarios, have a good tax attorney represent you in court. While non-legal people who are versed in tax matters can also represent you in such cases, they are not bound by non-disclosure laws such as attorney-client privilege when representing you in court. As such, they can compromise your chances of getting off your legal problems if they disclose the true nature of your legal problems to the courts.