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Sphere on Spiral Stairs
Sphere on Spiral Stairs

Do I Need a Tax Attorney

What is a tax attorney?

Tax attorneys handle complex legal issues with regard to a variety of tax concerns. Although you may think that you need a tax attorney only if there is a legal problem with your taxes, the fact is that consulting with an attorney on a regular basis can help you avoid tax problems altogether.

What can an attorney do that my accountant can’t?

Many people may feel that they need the services of an accountant when they have tax issues or concerns. However, a tax attorney can do things that an accountant cannot.

While accountants typically review and examine financial records and provide tax advice, an attorney can draft estate plans, go to court on your behalf, and help you set up a business.

Estate Planning

If you believe you will have a taxable estate when you die, an attorney can help you draft and estate plan that will allow you to avoid these taxes. In 2017, an estate is subject to estate taxes if the total value of the estate exceeds $5.49 million for single people and $10.98 million for individuals.

This type of planning can help you leave a sizable inheritance to your children after you die and can help protect your home and other assets from being taxed at a high rate.

Starting a Business

If you are starting a business, a good tax attorney can advise you as to the best type of business to set up in order to avoid negative tax consequences.

Legal Battles With the IRS

If you are under investigation by the IRS or want to bring suit against the IRS, you will certainly need a good tax attorney to help you with your case.

What are capital gains taxes?

When you sell something, such as real estate, for more than you spent to purchase it, you have received a capital gain. Depending on the circumstance, you may have to pay taxes on the amount of capital gain you received.

What is a tax-deferred exchange?

A tax deferred exchange is a way for property owners to trade one property for another without having to pay any federal income taxes on the transaction. In this type of exchange, the tax on the transaction is deferred until sometime in the future, usually when the newly acquired property is sold.

There are very specific requirements that you must follow so that your sale transaction will qualify for tax deferred exchange treatment under Section 1031 of the Internal Revenue Code. An experienced tax attorney can make sure you follow these requirements.

For help with all of your tax law needs, contact Alperin Law today to schedule a consultation.

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