1548 The Greens Way – Ste. 4 Jacksonville Beach FL 32250
Those who have enlisted the support of a St. Augustine tax preparation attorney understand the tremendous benefit of having an experienced professional ensuring that they remain compliant and in good standing regarding their taxes. Removing the burden of the paperwork and the possibility of penalties and fines frees you to concentrate on other demands that you face.
The team at TaxSmith, LLC, can take care of all of your tax preparation so you can focus on other aspects of your business or family life. If you want to ensure that you’re compliant with tax laws and avoid any issues before they become a problem, then let our dedicated professionals handle it.
For a business, an individual with complex investments and assets, or others who have complicated financial situations, taxes become much more complex than the basic process of filling out your taxes and filing them each year. It’s important to remember that taxes are part of the law, and there are serious legal consequences to not handling your taxes properly.
That’s why, for many people with complex financial situations, a tax preparation attorney may be the right choice for them.
A tax preparation attorney can do a number of things that can be beneficial to those with complex financial needs. In particular, one of the most important roles they play is in planning ahead for taxes. Whether a business or an individual, most entities would like to make whatever financial maneuvering, acquisitions, and sales they are planning, to have as minimal a tax impact as possible.
A St Augustine, FL, tax preparation attorney has a strong grasp of the laws and taxes that are going to apply to the financial decisions you may want to make. They can help advise on the business decisions you have planned to reduce your tax burdens.
A similar idea that a tax preparation attorney also helps with is proper compliance. Both the IRS and the Florida Department of Revenue have a variety of different forms, reporting, and other filings that are required for large, commercial, or complex financial transactions and maneuvering.
A tax preparation attorney can help make sure that whatever financial decisions you make are properly in compliance with what these organizations require. Failure to do so could result in fines, audits, and other penalties, so it’s critical that you are confident that these things are being managed properly.
Another significant advantage of working with a tax preparation attorney is the benefit of representation. If there are issues with the IRS and/or the Florida Department of Revenue, an attorney can represent you before these institutions. This means that we can support you through processes such as audits, providing both counsel and advocating for you.
We can also represent you in tax-related disputes, court hearings, accusations of tax evasion, and administrative procedures. Our familiarity with these issues gives us an advantage in trying to seek a resolution to the dispute.
A tax preparation attorney is also able to help with a wide range of other issues to make sure all your financial decisions are properly compliant and take advantage of whatever tax savings are available to you. From business tax matters to estate planning, investments, and any other financial instruments, a tax preparation attorney like TaxSmith, LLC, is critical to ensuring you avoid unnecessary legal complications.
Generally, you will find that many people consider Florida to be considered a tax-friendly state. Perhaps the most significant reason is the lack of income tax. The state can also be particularly friendly to retirees and others who have an estate in Florida, as there are no estate or inheritance taxes. The state also has a homestead exemption, which can reduce property tax burdens.
There is no specific uniform penalty for tax filing errors, as they will often be dependent on the specifics of your situation. Some of the more common errors that can result in penalties include late filing, late payments, underpayments, issues with fraud, and issues with accuracy. Working with a tax preparation attorney can help you avoid some of these issues.
Because Florida has no state income taxes, the only filing day related to income taxes that you need to worry about is the federal due date of April 15th. However, you will want to be sure of things like paying property taxes and any other local taxes on time.
While there is some overlap between tax accountants and tax attorneys, there are also some significant differences. In particular, tax attorneys are licensed to provide legal advice and have a significantly broader ability to represent their clients when dealing with the IRS and other tax-related legal issues. For more complex issues and a fuller scope of services, a tax attorney will be able to offer much more.
It is critical that those with significant or complex finances make proper preparations for how their financial decisions will affect their taxes. On the one hand, you will want to minimize the tax burden that you or your business face so that you can keep more of what you’ve earned. At the same time, it’s important that you remain in compliance with the law, or else you could face the disruption and hassle of an audit or financial penalties and fines.
Working with a tax preparation attorney can be the most effective means of balancing and minimizing your tax burden while remaining compliant. At TaxSmith, LLC, we can help with tax preparations for all manner of financial transactions and decisions. Contact us for help with your tax preparations. We can schedule a consultation to review your needs or to discuss legal representation.
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