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Small Business Tax

Congratulations on owing a small business. Not only are you on the path to financial freedom. But, you are also in the fast lane for a tax audit. Small business tax is one of the most important yet overlooked aspects of running a successful business. Many people neglect tax planning and end up with a large bill from the Internal Revenue Service. You worked hard to get where you are. Why not maximize your profits?

Did you choose your business entity based on the best tax breaks?

If not, you can still fix that.  Many small business owners form Limited Liability Companies (LLC). Because, they heard from a friend that it is the right thing to do. A LLC can be a good entity structure. But, it isn’t right for every business. Plus, you could miss out on valuable tax savings. S Corporations provide tax savings that a LLC cannot. For example, S Corporations have no self-employment taxes on shareholder distributions.

Does your business entity still meet your needs?

If not, we can restructure it or form a new entity to hold your most important corporate assets. This will help shield you from liability. Plus, it may help increase your bottom line because you may qualify for more tax breaks.

Are you unsure about hiring a tax attorney?

Truth is, you can’t afford not to. When you finally land that big client do you want to celebrate with a big tax bill? Or, would you rather relax knowing that you were prepared for that very moment? Yes, you will need to spend money upfront. But, would you rather have an unexpected tax bill?

You should consider a tax attorney when:

  • You are dealing with a tax issue that you do not understand.
  • You owe more than $10,000 to the IRS.
  • The IRS is investigating you.
  • You disagree with a tax decision by the IRS.
  • You are starting a business and want advice on structuring your new company.

Did you know the IRS could knock at your door?

The IRS knows that running a business demands a lot of work. And sometimes, paperwork falls by the wayside. That is why entrepreneurs have a higher tax audit risk. Indeed, some auditors will show up at your business to conduct a field audit. Plus, some of these IRS auditors have family members who run small businesses. Thus, they know all the right questions to ask to get you to pay what they believe is your tax liability. Small business tax is more than paying your taxes on profits at the end of the year. It involves making your estimated payments, paying your independent contractors or employees correctly etc. Don’t get caught in a tax audit that drains yours business resources. Prior tax planning can save you hundreds if not thousands of dollars.

Do you want an attorney that understands your business?

Over eleven years of entrepreneurship experience has taught me how to build a successful business. I can help you build your business on a solid tax platform. Your business tax deductions can become a reality. Business tax planning can help you increase your bottom line. But, don’t forget to get your personal tax planning in order. Yes, the IRS audits small businesses but they also follow up by auditing the business owners. Is your name on your spouse’s business? Then, you are also at risk for a tax audit.

Have your tax options expired?

Once you receive a notice from the IRS it may be wise to contact a tax attorney from the start. Because, most people do not realize how complicated the tax issue is until many of their options have expired. Let me guide you to a solution that enables you to move forward with your financial plans. As a tax lawyer, I can help you explore all your legal options and make future plans to avoid possible unintended consequences of your decisions today. Why do it alone when you can have help? Plus, if you are an entrepreneur or busy professional I can meet you at your office. Tax law changes frequently. Your opportunity to structure your financial affairs may be very different tomorrow.