Are you looking for a legal strategy to minimize your personal or business taxes? Do you have an outstanding dispute with the IRS or the Colorado Department of Revenue? At Peakstone Law Group, formerly known as Patterson Weaver, we can provide the guidance you need to make informed decisions for all your tax planning needs.
Contact us today and speak with a Colorado Springs tax lawyer about your situation. The free consultation is completely confidential and comes without any further obligations.
What Does a Tax Planning Attorney Do?
A tax planning attorney’s job is to help you efficiently resolve tax issues and minimize tax liabilities. Your attorney can deal with tax agencies and assist you in navigating federal and state tax codes by:
- Conducting ongoing legal research to stay updated on the newest tax laws
- Drafting and executing the necessary documents to implement your chosen tax strategies
- Negotiating on your behalf with state and federal tax authorities to resolve audits or other disputes
- Defending you in administrative proceedings or tax court as necessary
- Advising you on tax-related issues in other legal situations, such as real estate transactions, business operations, and estate planning
Benefits of Hiring a Tax Planning Lawyer in Colorado Springs
Here are just a few of the benefits of working with our experienced tax planning attorneys in Colorado Springs:
- Our tax lawyers have extensive knowledge and experience with complex tax laws and regulations.
- Our lawyers can develop a tax strategy based on your unique financial situation by identifying potential deductions, credits, and exemptions and structuring transactions to obtain tax benefits.
- Our tax attorneys can communicate with tax authorities, so you don’t have to.
- Our lawyers can negotiate with officials to resolve tax disputes by minimizing financial penalties or obtaining favorable settlements.
Furthermore, when you work with a tax attorney from Peakstone Law Group, you benefit from the attorney-client privilege that keeps your or your business’s financial details and tax matters confidential.
How a Tax Attorney Can Help with IRS Issues
Our Colorado Springs tax attorneys can help you or your business resolve outstanding tax problems with the Internal Revenue Service (IRS) or the Colorado Department of Revenue by:
- Analyzing the facts of your case to understand your rights and options
- Undertaking forensic accounting to better advocate for your interests during audits
- Working closely with your CPAs or tax preparation professionals
- Offering tailored tax opinions and guidance to resolve disputes with state and federal tax authorities
- Representing you during audits or enforcement proceedings, including negotiating with officials about tax debt relief, installment agreements, reductions of penalties or fines, lien releases, or offers in compromise
Understanding Colorado State and Federal Tax Laws
While many people hear the word “taxes” and think about business and personal income, the federal government also collects taxes on other federally regulated goods and businesses, including gasoline and crude oil products, alcohol and tobacco, and goods imported into the U.S.
State tax laws also typically collect taxes on income, although a handful of states – Colorado not among them – do not have income taxes. States also collect sales tax and use or excise taxes, as well as certain goods and services sold.
Common Tax Mistakes and How to Avoid Them
Here are some of the common mistakes that individuals and companies make during business tax planning or individual tax planning:
- Filing too early – Taxpayers sometimes file returns before receiving all the paperwork they need to complete them. The mistake may lead to missing information or mistakes that can delay processing.
- Missing or inaccurate information – Filers can make mistakes such as typos when entering information like names, tax identification numbers, or figures for income or deductions.
- Choosing the wrong filing status – Individuals and businesses may file under the wrong filing status, which can delay the return’s processing or lead to assessments for unpaid taxes.
- Mathematical errors – Filers can make mathematical errors while completing their documentation, including not adding or subtracting boxes as required by the tax form.
- Underpaying estimated taxes – Businesses, sole proprietors, and independent contractors who fail to make estimated tax payments during the tax year may face hefty tax bills and penalties.
- Failing to deposit employee withholdings – Businesses that fail to deposit employees’ withheld income and Social Security or Medicare taxes can face severe penalties and fines.
- Late filing – Filers may face penalties and fines if they file their returns after the deadline without requesting an extension and making the required estimated payments.
- Not separating business and personal expenses – Small businesses, sole proprietors, and independent contractors who run their business expenses through personal accounts sometimes make errors when claiming deductions. If they are audited, they may face significant challenges in resolving issues.
Choosing the Right C0lorado Springs Tax Planning Attorney for Your Needs
State and federal tax law is a complex web of rules and regulations. You need an experienced, knowledgeable tax compliance attorney to help you identify the best solutions based on your concerns, needs, and goals.
Turn to the team at Peakstone Law Group for tailored tax planning services because:
- Our attorneys have over 40 years of combined legal experience that allows us to develop innovative strategies and solutions for clients based on our collective knowledge and insights.
- We treat every client like a person rather than a case number. We will take the time to clearly explain your case and legal options using language you can understand, not legalese. Our firm will offer the straightforward advice you need to make informed decisions for your interests.
- Our team can talk with you 24/7 via phone, text message, or web chat. We respond promptly to all voicemails, text messages, and emails to provide the updates and answers you need.
- Our experienced attorneys and staff do everything they can to make your legal matter as easy as possible and relieve the stress you’re feeling. Our firm uses interactive client portals so you can share information and check on the progress of your case.
- We recognize that every client’s case is unique and thoroughly review the details to develop a legal strategy to seek the best possible results. Our firm has a proven record of delivering outstanding results for clients.
If you need experienced guidance to explore your legal options under tax law, Peakstone Law Group can advise you on the strategies to meet your needs and goals. Contact our law firm today for a free consultation with a Colorado Springs tax lawyer to learn how our firm can assist you.