Resources for Tax Law

Tax law is nothing to be afraid of; you just need due diligence in protecting yourself financially. Taxation law encompasses taxes on income and wealth, capital gains, retirement pensions, social security contributions, inheritance taxes, financial gifts, sales tax and business tax. State tax laws vary depending on where you live, but federal tax laws are the same for everyone.

When planning for your financial future look at several tax law firms before you make a decision. You will need to build a trusting relationship with your tax lawyer. A business tax lawyer is not a friend. In order to manage your finances effectively you need a business tax attorney who is impartial.

Understand the following:

1. Good tax law professionals know the changes in tax law and are able to adjust quickly to the constant changes that occur. Such professionals often call themselves tax law specialists. There are varieties of tax law categories an attorney may specialize in.

2. An income tax attorney specializes in only income tax law. IRS tax law falls under the specialty of an income tax attorney.

3. A tax relief attorney helps individuals and businesses settle with the IRS. They will help arrange payment plans, remove penalties and bank levies, protect wages from being garnished and file unfiled returns.

Protect yourself by understanding tax law

Tax law monitoring follows the charges imposed on individuals and companies by state, local and federal government agencies. The function of tax law is to raise monies for public use. Academic institutions such as law and business schools teach tax law as a sub-discipline. Graduates who specialize in tax law often work as consultants and may appear in litigation proceedings.

Learn why you need to know tax law and why you may need a tax lawyer

You definitely need a tax lawyer if you have a taxable estate that is complex and you need to file an estate tax plan. People who are starting a business should know tax law, have a tax lawyer or hire a tax law firm. This may not be true if you already have a small business, but it is something to consider carefully. You need a tax lawyer if the IRS has a suit against you, if you are involved in a criminal investigation of tax fraud or if you are involved in international business.

Pick a tax lawyer who is right for you

You want to find a tax lawyer who has advanced training in tax law and an accounting background.

• Settle your tax debt before an insurmountable amount of interest accrues.
• Offer a compromise to the IRS before they want to garnish your wages or other penalties occur.
• Hire a tax law specialist to prevent the IRS from seizing your property and attaching levies to your personal assets.