How A Tax Attorney Can Help You With Your Financial Plan

22 June 2020 by Jonathan Phillips

A good financial future is based on having a secure financial situation in the present. No matter how bad your financial situation may look right now, a tax attorney can help you make a plan to tie up any loose ends with the government and move forward into long-term financial stability. If you have filed your taxes incorrectly in the past or owe back taxes, don't let your past choices stop you from building an estate that can support your heirs. Here are several ways a tax attorney can help you with your financial plan.

Repair Past Tax Mistakes

Tax time can be confusing for anyone, but some people have it harder than others. If you own several businesses or work as a freelancer, you may have made serious mistakes when filing your taxes in the past. You may not have known about your mistake until you were audited by the IRS. If the IRS found something amiss with your tax payments in the past, a tax attorney can help you appeal the results of the audit and represent you and your interests in court.

Negotiate A Plan To Pay Back Taxes

Back taxes are unpaid taxes owed to the government. Not everyone needs a tax attorney to set up a plan to pay back taxes., but you could benefit from the services of a tax attorney if you owe a lot of money to the government. Not only can a tax attorney create a repayment plan that is tailored to your current financial situation, but they can also negotiate a compromise in which you don't have to pay back all of the debt. These repayment plans are formal agreements with the federal government, so to get a customized plan, you will almost certainly have to hire an attorney.

Prepare For The Federal Estate Tax

Once you have gone from repairing your financial situation to building wealth for the future, a tax attorney can still assist you. Building an estate to pass on to your heirs is a common goal, and many people want to ensure their heirs get as much money as possible. One thing that could prevent your heirs from receiving the full value of your estate is the federal estate tax. Currently, this tax only affects estates with over $11.58 million, or $23.16 million for married couples, but the threshold for estate tax exemptions is set to drop at the end of 2025. A tax attorney can help you plan around the federal estate tax.

To learn more about financial planning and taxes, contact a tax attorney in your area.

Share

Search