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Mistakes on Your Taxes Can be Costly

Mistakes on Your Taxes Can be Costly

As tax season is upon us in 2021, many people might be debating whether to consult with a tax lawyer regarding their filings. While it can be tempting to try to save money by attempting your taxes on your own, be aware that even a seemingly minor error can be costly in the long run.

First, keep in mind that tax laws are always changing. Just because you maximized your deductions last year does not mean the same will work the next year. If you miss a changing law that might benefit you, it is common to pay much more than you should.

Next, if you fail to claim all of your income, gains, or international accounts, you might end up paying less than you should. If the IRS conducts an audit and discovers the insufficiency at a later date, you will not only owe the additional taxes, but likely penalties and interest, as well. It is always better to pay the proper amount up front than have the IRS come with a tax bill down the road.

Finally, if you made an egregious mistake, IRS auditors might believe you were trying to evade paying the tax you owed. They can always turn your case over to the federal authorities, who might issue criminal charges. Defending your case to show the inaccuracy was in error requires a lot more resources than simply having the right legal professional help up front.

Contact a San Francisco Tax Lawyer for Assistance

If you have complex taxes or are facing issues from the IRS, the legal team at SF Tax Counsel is ready to help. Contact us online or call 415.318.3990 to discuss your situation and learn about the services of our San Francisco tax attorneys.