Real Estate Tax Attorney Near Me – What We Do

A tax lawyer can assist you with everything from removing liens on your property to helping you with wage garnishments. CPAs and tax attorneys may overlap. But a tax attorney offers legal help while being highly educated. Is there a reason why you should hire an attorney to handle your taxes? Let’s read all about Real Estate Tax Attorney near Me.

Real Estate Taxation Attorneys

The biggest benefit of real estate is the reduction of income taxes. Real estate investing offers tax benefits. Commercial properties, hotels, raw land, and short-term rental properties are subject to additional tax rules that necessitate landlord tax planning.

Whether you own a commercial property or a hotel or are a landlord, you can deduct most of your real estate expenses. The expenses covered by this include mortgage interest, real estate taxes, repairs, insurance, property management, and professional fees.

Also, depreciation might be deductible-maybe even bonus depreciation. The carrying costs of real estate are deductible regardless of ownership as a landlord.

Real estate losses can sometimes be used to offset income taxes incurred on wages and other sources of income, unlike losses from stocks and other more traditional investments.

You may be able to use your real estate losses to offset income taxes due on your other items of income if you have a net loss from your real estate.

Real estate losses are particularly beneficial when they can offset wages subject to higher tax rates and when the tax is offset during the taxpayer’s peak earning years. Does real estate make a good tax shelter? It is possible to do so.

Do You Need An Attorney Or Consultant For Property Taxes?

The property tax on commercial, industrial and high-end residential properties is one of the biggest expenses in the real estate industry. Assessments rely on many factors, many of which are interpretive. For filing tax protests, laws, regulations, and procedures apply, and a local hearing process ultimately leads to a state court hearing.

A real estate tax attorney or a consultant should assist you when you have questions about the tax law process. You should hire a real estate tax attorney and a consultant for the best outcome.

Beyond Consulting

A property tax consultant, a senior property tax consultant, and a real estate tax attorney are all available. Understanding how property tax assessments and protests work will help you determine what they can and cannot do.

A property’s tax rate is determined by factors like comparable sales and cost, along with renditions. According to the Texas Property Tax Code, owners of business personal property must file tax renditions summarizing the value of the assets.

Upon assessing all the properties, the local government issues the tax bill, which you can pay or protest. Appraisal districts frequently make costly mistakes. The Appraisal Review Board (ARB) will conduct a formal hearing after an informal hearing with the appraisal district. A state court can hear the appeal of an ARB decision if it is unsatisfactory.

By completing 40 hours of classroom training and passing an exam, a property tax consultant can review and appraise assets and property values, prepare renditions, and provide recommendations.

There are additional education requirements and exams for a Senior Property Tax Consultant and those for a Property Tax Consultant. Attorneys can take the senior property tax consultant exam without extra courses.

An ARB hearing or administrative remedy is the only stage in which a property tax consultant can handle a property tax protest. Sometimes, taxpayers may prefer arbitration over litigation in district court, an uncertain process that usually results in binding decisions. A property tax attorney is necessary when you appeal in state court.

Consistency from Beginning to End

Senior Property Tax Consultants have the obvious advantage of thoroughly understanding all state property tax laws, regulations, and procedures, regardless of how complex your tax assessment or tax protest may be. A property tax lawyer and a Senior Property Tax Consultant professional can handle your case, if necessary, from the start to the end of the dispute.

You receive consultation services, an attorney’s perspective, and legal representation when required throughout the process. Additionally, continuity of services and the ability of the attorney to predict the legal consequences of all decisions are advantages.

Only through a real estate tax attorney will you gain knowledge of prior settlements and have the basis to present legal arguments regarding uniform and fair evaluations.

There is no guarantee that the person advocating for you has the depth of knowledge needed to represent complex properties like high-end residential buildings that are different from any other property, even though the consultant holds a license with the State of Texas. Developer lots are susceptible to over-taxation unless the consultant understands the property tax assessment process.

Streamlining the Process

As an attorney, you deeply understand taxpayers’ rights and potential remedies. Your attorney will assemble a team of consultants and experts to serve as a link between yourself and the property owner through the use of a consultant.

For minimizing property taxes and streamlining the appraisal, assessment, and protest processes, a property tax attorney who is a Senior Property Tax Consultant is the best option.

What Can a Tax Attorney do to Help You?

Accountants are just some of the ones busy during tax season. During this tax season, you may enjoy meeting with an experienced tax attorney for the following reasons:

What Can a Tax Attorney do to Help You?

You have a hearing in U.S. Tax Court.

It works like this for those unfamiliar with U.S. Tax Court: the IRS audits you, and you disagree. The IRS has 90 days after notifying you how to adjust your disputed tax return to allow you to file a petition in the Tax Court. In this letter, you formally disagree with the IRS. Tax Court is essentially a lawsuit against the IRS.

You need an attorney if you are going to Tax Court. The IRS has a lot of power and is well-armed with lawyers. To represent you in a tax proceeding, you need a tax attorney.

You’d like to alter how much back taxes you have to need to pay

It is a different scenario if you agree that you owe back taxes for years that have already passed but disagree with the amount the IRS claims you owe. It is not the bill you are disputing but rather the amount. You can get help with the paperwork process from a tax attorney.

You are audited and want to appeal.

There is a great deal of fear associated with IRS audits. A good reason for this is that auditing can be time-consuming and stressful. An audit, however, should be handled by an attorney. An attorney will be familiar with the IRS’s complex administrative procedures and has experience dealing with it.

It can be difficult to handle an audit without an attorney, let alone without the help of one. Getting help from a tax attorney is the best way to deal with the IRS and resolve any audit issues.

If the IRS audits you, you can appeal, but you will have a much better chance of prevailing if you hire an attorney specializing in tax issues.

Your business is getting audited.

In the event of a business audit, it is smart to consult with a tax attorney regardless of whether you want to appeal. Legal consultation is often necessary for merely preparing paperwork. Understanding the legal landscape is essential in light of the inherent risks of a corporate audit.

Your business is launching.

Whether you’re starting your own business, entering a joint venture, setting up an LLC, or engaging in any new business venture, it’s always a good idea to seek trusted tax advice.

The IRS can help you establish a long-term, sustainable business model by establishing a friendly and cooperative relationship with your company.

Deal with complex estate finances.

You may have to deal with complex estate finances for many reasons. You may have had several spouses or children from different marriages. The estate may receive a part of its value if you co-own it.

Before any distribution goes to family members and other decedents, you may need to handle business responsibilities – such as repaying corporate loans. You can simplify your situation by having the ear of experienced tax attorneys, regardless of the reason for the complication.

Do You Want to File a Wrongful Disclosure or a Wrongful Levy Claim?

You may feel that the IRS’s seizure and sale of your property – for example, repossessing your car because you owe back taxes – was unlawful from a legal standpoint. Legal seizures, if done incorrectly, can be overturned.

You may be able to get the property returned, or you may receive a refund for the amount the IRS received. In either case, legal representation is necessary.

If You’re Facing Criminal Charges

Because tax law involves federal law, tax cases often constitute crimes. Immediately hire a tax attorney if you face criminal charges for not paying your taxes. Our Tax Lawyers are familiar with the legal system and can assist you in mitigating the consequences of tax violations.

You’re Behind on Your Tax Returns

Is your tax return unfiled from years ago? It is best to consult a tax attorney if you need help filling them out and sending them in. As well as helping you send in and process those returns, they can also assist with a payment plan that benefits both parties.

Especially if you owe them several years’ worth of unpaid taxes, you won’t have to face the IRS alone. If you have a tax attorney representing you, the IRS will know someone has your back, and the attorney will handle all of your communications with them. This will ease the stress of an already stressful situation.

You want to start a business.

It’s about more than incorporating the business correctly (you can choose from a sole proprietorship, partnership, S-corporation, or C-corporation).

It’s also about handling all the paperwork, getting a new employer identification number (EIN), setting up a business bank account, and more. Even rebranding an existing business that you have purchased is a complex process.

Due to their extensive experience in setting up and planning businesses, a tax attorney can assist you in every step.

You Need Help with Estate Planning

It can be challenging to plan an estate. Whether you want to place your money in trust for your children or grandchildren. If you want your estate to pass as you wish. Or, if you are worried about your children or grandchildren paying expensive estate taxes, a tax lawyer can assist you.

They can handle all the paperwork if you need help getting your estate in order. They can help you set up trusts and select trustees to oversee your funds. Tax attorneys can assist you even if you want to set up a nonprofit and have the board disburse the funds from your estate.

The process of succession planning will be made as painless as possible by their expertise in estate planning. In addition, they can help you with any questions you may have about the setup process or your estate.

There are IRS wage garnishments and tax liens on your wages.

Nothing is worse than discovering that the IRS will garnish your wages and place tax liens on your property. Because you ignored their notices, the IRS is now playing hardball with you.

The IRS may even charge you with crimes depending on how much you owe and whether you avoid paying it.

Your tax attorney can contact the IRS and handle all communication in this case. A payment plan or lump sum payment can prevent garnishments and liens and even halt criminal charges. You and your tax attorney will work with the IRS to find a solution if you adhere to your agreement.