The tax code is very large and complex. That is no surprise to anyone who has seen the volumes of the tax code in a law office or a library. And it is no surprise that understanding how it works and how all of the parts fit together is a lifetime’s occupation. If you have any situation that starts to become complex, it will necessarily produce complex tax returns.
The important thing to keep in mind when working with your taxes is that “mistakes” made on a tax return are no like many other mistakes, in the wrong context, at worst, they can be federal crimes and at best, they can lead to expensive penalties, interest and potentially expensive litigation.
If you run a small business in Ohio, you may be used to doing a great deal yourself. It can provide both satisfaction and in most case, it increases your understanding of how your business operates. Taxes, however, may not be a good area to develop your own level of expertise.
When you hire a tax attorney to review your taxes, you receive the benefit of their years of experience. While you may have never filled out a Schedule C or Form 2106, they have worked with dozens or hundreds. They know how to differentiate between capital expenses and ordinary and necessary spending that gives rise to a business deduction. They know where errors or mistake most often occur and can prevent those errors from becoming expensive penalties and generating more costs in the form litigation.
This can save you money, in that they both can ensure that your filings are done correctly and avoid the prospect of delinquent taxes being assessed by the IRS, and they can see if your business is structured properly and that you don’t miss deductions or other savings in the tax code.