If you could immediately shave 33% of the total off of your tax debt, would you do it? Believe it or not, you could instantly reduce your penalties by a third through a penalty abatement program that is readily available to all American taxpayers. Most people are unaware that this option even exists because they are navigating tax debt on their own rather than working with a professional tax attorney.
Tax attorneys do more than handle big tax evasion cases. They can also help with regular tax issues like preparing your tax returns and helping your whittle down your tax debt through penalty abatement and installment agreements. When you do your own taxes, you will probably take the easiest route by using an automated software or basic online e-filing option. But a tax attorney could save you thousands of dollars and you could end up with much more money in your bank account even after you pay their legal fees. You could end up getting a lot of money back on your return because there could be deductions out there that you have never been aware of in the past.
Have you ever thought about how much time you put into filing your taxes? This can be extremely time consuming. In fact, it has been estimated that some people will spend more than 24 hours completing their tax returns each year. That means you could spend over two months of your lifetime doing your own taxes. Do you really want to spend that much time looking at tax returns? When you work with a tax attorney they will be putting that time into your taxes, not you.
If you do your taxes, and make mistakes, you could end up facing an audit. This word can really send fear through a lot of people. However, if you are working with a professional they will be able to help reduce the possibility of any mistakes on your taxes. If there is a problem, and you are facing an audit, they may be able to help you with this as well. They will know exactly how to work with the IRS so that you do not have to worry about getting all of your paperwork together. They will be able to answer the IRS questions and concerns so that you do not have to. In many cases they can even reduce the penalties that you might be expected to pay. This benefit alone can make working with an attorney a great decision.
In the end, if you are struggling with your taxes you might want to consider hiring a professional. This is especially true if you have a large business and you want to ensure that your taxes are accurate. Each person has a different situation so you will need to determine if your situation would be handled more effectively with an attorney.