Business Law

3 Ways a Tax Lawyer Can Help Individuals and Small Businesses in Washington State

By October 20, 2022 No Comments

Tax laws are notoriously dense, nuanced, and complex to understand and navigate. As soon as a question regarding your tax situation arises, you should enlist the guidance of an experienced tax lawyer to determine the most appropriate and strategic course of action. While many people assume that they can handle tax matters without the assistance of a tax professional, working with a knowledgeable tax attorney ensures that you obtain the fairest and most favorable outcome. Here are just a few of the ways that a Washington tax lawyer can help you and your small business enjoy a brighter future.

1. Responding to IRS Audit or Collection Notices

Receiving an official notice from the IRS informing you of an upcoming audit or seeking to collect money from you can be stressful, especially if you were unaware you owed the IRS money. However, it’s essential to recognize that you do not have to go through this challenging process alone. Your tax lawyer can help you review your documents, records, and accounts to identify the issue and determine the most strategic path forward. You can trust that your lawyer will advocate on your behalf and defend your best interests at every turn.

2. Helping WIth Business Formation

Launching a new business is an exciting endeavor, but it involves many critical decisions. The business entity you select carries several tax consequences, so it’s important to understand the potential benefits and drawbacks of each option. Your attorney can help you identify your business’s needs and goals and steer you toward a business entity that best suits your situation. Additionally, if you are looking to buy or sell a business, working with your business lawyer can give you the clarity and confidence to make informed decisions at each step of the process.

3. Maximizing Your Tax Benefits

Complicated tax laws can prevent individuals from taking full advantage of their tax benefits. Enlisting the guidance of a seasoned Washington tax lawyer can help you identify potential deductions and lower your future tax liability moving forward. Those struggling with an estate planning matter often find that working with a tax attorney helps to limit estate and gift tax consequences and obligations, streamlining the process for themselves and their beneficiaries.

 

If you need help resolving a tax law matter, call John L. Davis, PLLC, at (360) 597-4740 to discuss your situation with a trusted and experienced Vancouver attorney.