Many of life’s events such as losing a job, foreclosure of a home or even forgiveness of a debt impact the payment of taxes. The tax law offers hope in these situations. As an example, if a taxpayer’s income decreases, he or she may be eligible for certain tax credits, such as the Earned Income Tax Credit. In this blog, We will present a list of quick answers to life event situations that have a potential impact on an individual’s tax burden. For more information see our blogs: Part 1 – What If: Job Related Life Events and Struggling Taxpayers; and Part 2 – What If: Debt Related Life Events and Struggling Taxpayers.
There are many reasons for choosing a tax attorney. Some reasons are reactive or defensive, others are cost-preventive. It is more than wise to retain a tax attorney when:
- Subject to an audit or collection activity;
- Filing an appeal of a tax court decision;
- Trying to save money on behalf of a business; and
- Trying to take advantage of tax credits or deductions.
Choosing a tax attorney involves the assessment of various factors, which include the following: