Anyone filing or claiming deductions also needs to be careful that they follow all relevant rules and report these items honestly.
Albuquerque, NM – Lawyers are an important resource for a number of issues related to taxes. They can help explain the law, negotiate on a person’s behalf, or even represent a person against the government during property seizures or criminal cases. Here are some of the potential areas of focus that Albuquerque tax lawyers can give more information about during a meeting.
Federal income taxes
Almost all American workers will owe a percentage of their pay to the federal government. There are only a few exceptions for those with very low income and certain other tax situations. Because federal taxes are a fairly large tax burden and there are a number of complex rules, New Mexico tax lawyers can provide guidance to avoid owing money to the IRS or other problems.
Tax lawyers also have to explain to clients how the state can impose taxes on things like a business, investments, or the person’s income. While state taxes tend to be at lower rates than federal taxes, they still need to be paid properly, otherwise the government can force the person to pay their outstanding tax debt.
People who have large amounts of wealth and investments, or those who are preparing to pass their wealth through a will or a trust will need to speak with estate planning lawyers. While this is not directly a tax law issue in most cases, there is much overlap between what tax attorneys do and estate planning lawyers can handle. Those who want to pass their wealth through a will or set up a trust should be aware of the tax consequences of doing so, especially the inheritance tax.
From the time a business is planned all the way through the time the company has been paying taxes for years, there are important financial decisions that need to be made. This includes how to incorporate, whether non-profit rules apply, payroll and employee taxes, and how profits and losses can affect the company’s tax burden. If a business ever undergoes a merger or is sold to another company, this has tax consequences as well.
Deductions, donations, gifts, and expenses
Those who file can potentially save money on their taxes by tracking things like deductions, charitable donations, expenses, and gifts given to family members. However, anyone filing or claiming deductions also needs to be careful that they follow all relevant rules and report these items honestly. One of the most common reasons that people get in trouble with the IRS is making up large deductions and expense amounts to avoid paying taxes.
Getting in touch with a local attorney
USAttorneys.com is a service that helps people find a lawyer who can assist them. Anyone who is looking for the right legal professional in their area can call 800-672-3103 for a referral.