Category: Professional Credentials

Keep Tax Records Right With Tampa Tax Attorney


Men are governed by laws not by men. Moreover, almost every aspect of your life is invaded by the laws of your country and local jurisdiction. From the disposition your properties, to the expected norms of society and eventually to the manner of paying tax contributions, no one is considered above the law.

For this reason, there are ordinances with which you need to comply and consider in order to adhere to what the law expects of you. Tax laws may seem complicated depending on the state you are in. Tampa tax attorney may have different legal advice compared to a tax attorney in China. This is because the tax system of different countries are diverse.

Tax law, which is a codified system of laws that covers government levies on certain business or economic transactions, imposes taxes. These taxes are delivered back to taxpayers by way of government projects. If you failed to do your duty as a taxpayer, you will be penalized.

Tax law is a sub-discipline in law schools. They are consultative in nature; however, they can be used in litigation purposes. Tax law is crucial in business as well as personal planning matters. If you are facing an Internal Revenue Services (IRS) problem, you need a tax attorney to assist and defend you.

Tax laws demand that you keep tax records for the government to check. Said records can also serve as proof of your compliance with the tax laws. Nonetheless, many taxpayers have no idea about what records to keep and how long to keep them.

By tax records, it means tax returns and several documents that support your returns like bank statements, receipts, 1099s, and more. These documents are important to fend off the IRS. Your tax attorney will tell you what these records are and how important they are.

However, to make it easy for you, here is a quick review:

  • Tax returns contain the tax contribution that a taxpayer has to pay.
  • They serve as a good proof that you have paid your taxes.
  • They have to be kept indefinitely.
  • IRS is known for misplacing and losing tax returns so be sure that yours can be found to circumvent a nasty audit.
  • IRS receives millions of tax returns every three months.
  • Lost returns can be copnsidered an inevitablen occurrence.
  • So keep every single tax return that comes into your possession.

If you are filing your tax returns electronically, better get copies from the filing company. By the way, they are required by law to give you copies. Supporting documents, on the other hand, should be kept for a period of 6 years from the filing of the returns. However, this period can be extended in special cases.

Tax records are vital in case of divorce proceedings. Moreover, it is best to save the necessary documents like financial documents, tax returns, supporting documents, and credit reports, not just for divorce purposes but for other circumstances as well.

If you don’t keep your tax records, you should anticipate involvement with a nightmarish chapter in your life. If you intend to keep your tax records in one place for easy finding, you can purchase a filing cabinet for said purpose; and if you are lucky enough, you will never need your tax records. However, if you belong to the unlucky few who are audited, tax records will be your saving grace to prove your compliance to tax laws.

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Seattle Tax Attorney And Your Tax Lien Foreclosure


The procedures for foreclosing on tax liens vary from one state to another. There are some states that do not impose too many requirements from you as the taxpayer so that everything will go on quite easily. You just have to petition your county court or go through all of the application processes with the aid of a Seattle tax attorney.

The proceedings really eat up too much time and too much money. But such cases can be better handled with the aid of a Seattle tax attorney. On the other hand, there are states which make things harder. Once your property is held up for foreclosure sale, there is a possibility that you will be relieved of the property since it will be awarded to the highest bidder. And of course you will receive satisfaction of your lien once it is paid in full from the tax lien auction.

If you are wondering as to how much percentage of the tax liens of your property will go straight to your pocket, it is important that you consult a Seattle tax attorney who knows these things. Being equipped with the knowledge and skill necessary to counsel clients on tax liens, your Seattle tax attorney can provide you with the answers to your questions. Other states offer only up to ten percent of the tax liens. There are a number of states that impose the rule of having higher percentage amounts for property tax liens.

The foreclosure of any property does not come as a piece of cake. Investing in tax liens is not at all dependable. You may rather want to invest on deeds instead of focusing on the tax lien certificates. Do not entertain very high expectations for investing in tax liens because in foreclosing a property, you need to pay for all of the succeeding taxes which are to be incurred by the property.

Take note that a tax lien is not another kind of investment that you purchase which, in time, you will set aside or forget just as with a CD or a bond. This is a one-of-a-kind investment wherein you need to invest continuously if you really wish to get something out of it.

There is likewise the need for you to continually pay for the property taxes during the entire course of the redemption period so that all of the taxes will be in current and up-to-date. As soon as the redemption period settles, there will be tons of expenses which you will have to pay just like the lawyer fees and title search (closing costs).

The first expense you will incurr during the foreclosure of a tax lien is the title search. After you have figured out other existing liens of the property, you should already distribute a pre-foreclosure letter which will inform the owner of the property, and the rest of the lien holders, that you will have to foreclose it in the event that you have not been paid in the exact amount due to you.

Many of the liens will come out to save you from the other responsibilities and stress. So getting the help of a tax attorney will change things for you. For one particular reason, you will be able to further understand the situation, the technical terms, the possibilities, and many of the procedures in the foreclosure of the tax liens.