Part of the appeal of owning a small business is that you get to act as your own boss. However, just because you are in charge doesn’t mean you won’t need the occasional support from other professionals.
Issues involving tax law and small businesses can be complicated. Working with an attorney who has experience in this area can help position your business for continued growth and success.
A tax law professional can help in many ways
You don’t have to wait to seek legal counsel until you’ve encountered trouble. A tax law professional can help your businesses in many different areas, including those involving:
- Business entity selection: Do you want to form a corporation or an LLC? The choice of business entity selection can feel overwhelming. If you’re getting your business plan off of the ground, a tax attorney can help with the formation and explain the tax implications of various business structures.
- Tax deductions: Business operations aren’t cheap. However, tax deductions can help offset some expenses, such as start-up costs and the purchase of business equipment. A tax lawyer can help ensure that your company receives the full benefit of available deductions.
- Employee taxes: Failing to handle employee taxes properly can put a business operation into serious jeopardy. An attorney can help address various tax considerations and the best methods for paying these types of taxes.
- Audits: An IRS audit is the last thing a business owner wants to encounter. However, an audit isn’t something you need to lose sleep over. A tax attorney can let you know what this process entails, what to expect and provide you with guidance at each step of the audit process.
Most small business owners don’t need to have a full-time tax attorney on their payroll. That said, seeking occasional counsel from a legal professional can help ensure that your business runs more smoothly.