Running a small business means learning how to handle dozens of tasks that may be completely outside your areas of expertise or training. Many of these tasks can be delegated to professionals, which you can turn to for help with your small business. Whether your business is new or old, a small startup or the maximum size possible for a “small business,” you may need help from tax professionals.
The Roseville small business tax lawyers at The NewPoint Group work with small businesses on tax planning, filing, and other tax issues. Your company’s holdings may require reporting certain assets, or the IRS may issue an audit against your business. Our attorneys can help with these areas, and more. For a free consultation on your case, contact our law offices today at 1-800-358-0305.
What Does a Tax Lawyer Do for a Small Business?
When you open a small business, your goal is to provide a service or product – not to deal with the other requirements like payroll and taxes. Hiring a tax professional to handle your company’s taxes can relieve you of some of the efforts involved and help you focus on running the business.
A small business tax lawyer can help with tax planning, and help you use your money more effectively. You may be eligible for dozens of tax deductions and credits, but some may require you to hire certain employees, run your business a certain way, or follow other requirements. A tax attorney can find the opportunities that apply to your company, and help you guide your business to capture new breaks.
When it comes time to pay taxes, your attorney can help you ensure you follow all applicable state and local tax laws. The US and California tax codes are complex pieces of law, with hundreds of requirements that could apply to any one person or business. Managing these requirements can be a hassle your business doesn’t need. Hire a professional to do it for you, and help ensure your taxes are accurate.
If the IRS discovers problems with your taxes, like underpayment, you may be investigated in a tax audit. This could also occur if your company’s officers or certain people you do business with are being personally investigated – through no fault of your own. If your small business is facing an IRS audit, it is important to have a tax attorney on your side who can represent you in hearings and negotiate with the IRS to end the audit and prevent any additional payments or penalties.
Reporting and Other Tax Requirements for Small Businesses
If your company does foreign business or has accounts or other holdings offshore, you may be required to file additional paperwork and reports. Anyone with signature authority or ownership of a foreign account has a requirement to report that account to the US government.
The most common of these reports is the FBAR (Report of Foreign Bank and Financial Accounts). These are required for any bank account, brokerage account, mutual fund, trust, or other financial account held in a foreign country. The FATCA (Foreign Account Tax Compliance Act) requires foreign financial institutions to report US accounts as well, so it is important to make any filings you need to, such as IRS Tax Form 8938.
It is important to remember that taxes for your business are more complex than taxes in your personal life. Things like payroll tax, Social Security and Medicare taxes, withheld taxes for your employees, unemployment tax, and other requirements are all vital to accurate and complete taxes.
When you provide a service, it is also vital that you pay state sales and use taxes. California’s 7.25% sales tax is collected by the business that sells goods and services, and paid later to the state and county. The state takes 6%, and local governments take 1.25%. Even if your company deals with eCommerce or online sales, you still have to pay these taxes on products sold. Talk to an attorney for help understanding how these requirements work, what products and services need sales tax, and how it should be held and paid.
Roseville, California Attorney for Small Business Taxes
Part of running a business is delegating tasks to those best equipped to handle them. The same is true for the managerial and administrative tasks behind running the business. Taxes involve complex requirements for reporting funds and paying taxes. To help your business file taxes, save money, and avoid or fight audits, talk to a small business tax attorney in Roseville. The tax attorneys at the NewPoint Group are available for free consultations on your tax law needs. Call our law offices today at 1-800-358-0305 to schedule a consultation and get more information about our services.