Choosing a Tax Attorney for Business Owners

Choosing a tax attorney requires careful consideration, to ensure you select an experienced professional who can provide the level of expertise and assistance you need.

If you own a small or closely held business enterprise, however, choosing the right attorney becomes even more important. The issues business owners face are complex and unlike those that affect most individual and business taxpayers.

Tax lawyers for business owners

Why Do Business Owners Need a Tax Attorney?

You have invested your time, your dedication and your hard-earned money into your business. You have dreams and goals for its future success and the many benefits that will provide for you.

An attorney who understands not only the legal and financial aspects of your situation but who also understands your personal connection to your business is best equipped to support you in realizing your goals.

Owning a business means you must consider how best to protect and grow your assets while looking at the tax code and regulations to mitigate your tax liability. You must consider your plans and how to begin working toward them. You must also consider the implications should you die or become incapacitated.

All these complex issues are best addressed with the help of an experienced legal professional, alone or in conjunction with other trusted advisors.

What Should You Look for in a Tax Lawyer?

Individual income tax advisors aren’t hard to come by. Likewise, you can find business attorneys in every city and state. Unfortunately, neither of these areas of specialization truly fits the needs of the business owner.

Look for an attorney and advisor who focus their practice in income tax planning and estate planning specifically for business owners and highly compensated individuals. When your financial assets and cash flow are inextricably tied to your business, you need an attorney who has experience with these unique challenges.

Depending on whether your plans involve continuing the business for future generations or developing an exit strategy, look for a tax-planning attorney who can advise you on the potential risks and rewards.

What Business Owners Should Look for in Their Tax Attorney

Once you have established the experience and qualifications of each potential tax lawyer, you must identify the right fit for you.

In addition to having relevant experience, your attorney should be committed to keeping you compliant with all governing laws and regulations. You will also benefit from working with a firm that specializes in estate planning for business owners as well. This helps ensure continuity and compliance among asset protection, estate planning, and tax planning.

The professional attorneys of Cantley Dietrich work with business owners and highly compensated individuals, assisting them with all matters related to estate planning, asset protection, trusts, wills, and taxation. Contact us today to learn more about the benefits that our tax attorneys can provide to business owners.