Business owners juggle many responsibilities. Taxes are one of the most crucial areas, and also one of the most overlooked areas, for business owners.  Failing to meet with a tax attorney each year can not only result in lost income, it can also put your business at risk in several ways.

Here are five risks that can be avoided by regularly consulting with a tax attorney:

MISSED DEDUCTIONS

Tax attorneys can help identify all available tax strategies and deductions, which can help reduce your tax liability and save your business significant income. Without such guidance, overlooked tax strategies could significantly impact your bottom line.

LEGAL NONCOMPLIANCE

Business owners may unknowingly be out of compliance with applicable tax laws, which can result in costly penalties and legal fees.

TAX AUDITS

Tax audits can be a reality of running a business, but there are certain red flags that increase the likelihood of your return being flagged for an audit. Proper legal representation can help avoid situations that will trigger an audit, and if the IRS comes knocking on your door, legal counsel can help you navigate the process successfully.

CONTRACT ISSUES

The manner in which a contract is negotiated and drafted can have significant tax implications. Without legal guidance on the front end of a contract, your business may be exposed to financial and legal risks.

BUSINESS STRUCTURE

A tax attorney can help you choose the right business structure for your company, both as it relates to formation and ongoing operational matters, which can significantly impact your tax liability. Without their guidance, you may be missing out on significant tax benefits.

By meeting with a tax attorney at least once a year, you can proactively manage your tax liability, reduce the risk of legal noncompliance, and protect your business’s financial health. Don’t wait until it’s too late – schedule your tax consultation today.