Why do you need tax attorney

Taxation is the collection of taxes levied on the income or property of a citizen or legal entity by a governmental agency for the local, regional, state, national or international public good. The taxation system is often categorized as a tax program within government finance. dallolawgroup.com is a SAN DIEGO tax attorney that provides tax planning.

Why do you need tax attorney

1. Awareness of Tax Policies

The government has many policies and programs that will affect the individual and business. Tax attorney helps individuals and business to understand their rights and responsibilities concerning such policies. It also helps businesses to plan tax programs and keep them out of trouble.

2. Tax Evasion

A tax attorney helps in minimizing your liability to the government by ensuring that the taxes payable to be accurate and not subjected to overpaying. Overpaying may cause up to penalty charges of interest and other penalties. It is advised that every individual or business pay what they are supposed to pay as it decreases financial burdens in the future.

3. Tax Planning

Tax attorney helps to plan for the future by creating trusts and special agreement that keeps business and family assets separate. It also helps to plan for retirement by establishing strategies to minimize taxes during retirement. For example if one is employed but will be retired in a few years, it would be prudent to establish trust so that when one retires they can receive their share of their money or they can avail of the money in their estate once they are gone. This planning helps to reduce taxes because most of these arrangements are not taxable.

4. Tax Litigation

Taxation is a legal process whereby one is required to pay for their tax liability. If one fails to make their tax payment in time, they could be subjected to a penalty rate of interest per month. In addition, he may be subjected to a criminal charge for tax evasion because he did not make the payment on time. In such a case, it is recommended that you seek the services of a tax attorney so as to avoid penalty and ensure that your money is safe.

5. Tax Regulations

Taxation is regulated by the government and this may vary from country to country. If a company has branches in several countries, then they are required to follow the tax regulations of each respective country. Tax attorney helps in ensuring that these regulations are followed in every country where their business has an office.