Top Reasons Why You Need Tax Attorney Tampa

Tax season is a time of the year when many taxpayers feel an additional pinch on their finances, especially if they are not in a position to claim deductions for various reasons. It can be stressful and challenging to get your taxes done correctly and on time. The U.S. tax code is nearly 7,000 pages long and filled with rules that seem to change every year without fail. 

There are so many different tax codes, credits, deductions, loopholes, and laws that it can be overwhelming even for people who specialize in accounting and taxes. However, this does not mean that you cannot file your taxes on your own or find affordable services to help you organize your documents and prepare your return at little cost to you. In fact, there are several compelling reasons why you need a tax attorney in Tampa sooner rather than later.

Taxes Are Extremely Important and Should Not Be Ignored

Taxes are based on the amount of money that you make during the year. It is important for you to know the amount you will owe in taxes so that you can budget for it. You should not rely on the amount that you were given when you filled out your W-4 or estimated taxes, as your situation may be different. 

Each person’s situation is different. If you file your taxes without any help from a tax attorney Tampa accountant, you may miss out on any deductions that you are eligible for and may owe more than you actually have to pay.

You’re Making Too Much Money to Be Eligible for Tax Deductions

You may be surprised to learn that many taxpayers who make a decent amount of money each year are not fully aware of the tax credits and deductions that they can claim on their taxes. Some deductions are for people who are self-employed or have a high amount of unreimbursed employee expenses. 

If your gross income is too high, you may not be able to claim a deduction that could potentially reduce the amount of money that you owe in taxes at the end of the year. A tax attorney in Tampa can help you figure out which deductions you are eligible for and reduce the amount that you have to pay in taxes.

You Have a Large Amount of Unreimbursed Employee Expenses

If you work as a contractor or have a high amount of unreimbursed employee expenses that could potentially lower your taxable income, you may want to consider getting a professional opinion from a tax attorney Tampa accountant. 

If you file your taxes by yourself and try to take advantage of deductions that you are not actually eligible for, the government may end up auditing you and forcing you to pay back all of the money that you received from claiming the false deduction.

There Was a Mistake on Your Tax Return That Needs to Be Corrected Immediately

If you file your taxes without the assistance of a tax attorney Tampa accountant, you may miss out on claiming deductions, credits, or other benefits that you are eligible for. You may also make mistakes in calculating your income tax that could result in the government coming after you for the money. 

It is better to file an error-free tax return that reduces your tax bill as much as possible than to file a tax return with mistakes on it and have to request an extension on your filing deadline. Tax attorneys have seen many different types of mistakes on tax returns, some of which can be corrected and others that need to be corrected immediately.

You’re Self-Employed and Need to File Your Taxes ASAP

If you are self-employed, you have a lot more expenses than employees do, and you have additional costs such as insurance, equipment, supplies, travel, accounting, and legal assistance, you may be eligible for a greater deduction on your taxes. 

The faster you get your taxes done, the better. If you wait until the last minute, you run the risk of missing out on important deductions that can significantly lower the amount of money that you owe in taxes.

You Have a Lot of Capital Gains from Investments, Real Estate, or Other Sources

If you have a large amount of capital gains from investments or real estate sales, you may want to get a professional opinion from a tax attorney Tampa accountant.

You may be able to reduce the amount that you owe in taxes significantly if you claim the correct amount of capital gains on your taxes. If you do not claim the correct amount of capital gains income, you may end up paying a lot more than you actually have to pay.

You Own a Small Business, Partnership, or Corporation

If you own a small business, partnership, or corporation, you have to file a special type of tax return. Depending on the amount of revenue that you brought in, you may have to pay taxes. If you wait until the last minute to file the return, you may miss out on important deductions that can lower your taxable income. It is better to have a tax attorney Tampa accountant help you do your taxes and file the return as soon as possible.

You Own Property and Need Help with the Intricacies of Real Estate Taxes

If you own property and want to take advantage of the mortgage interest deduction and other important tax deductions, you should hire a tax attorney Tampa accountant to help you do your taxes. 

You may also have to pay taxes on the rental income that you received from the property, and you may be eligible for various credits and deductions. It is better to have someone who is specialized in real estate taxes help you do your taxes as soon as possible.

Need a Tax Attorney in Tampa? Call Mary King Today

If you’re like most people, you probably don’t know a whole lot about the tax code. And that’s perfectly understandable—it’s a complicated area of law that is constantly changing. But if you’re facing a tax problem, it’s important to have an experienced tax attorney on your side. 

At the Law Offices of Mary E. King, we have extensive experience helping people resolve their tax problems. We understand the tax code and know how to navigate the complex process of dealing with the IRS. Contact us today to schedule a consultation.

Call: 941-906-7585

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The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.