How do I know whether my business is paying the right amount of taxes?

Authored by Wendy Witt, Esq.

Aha, a mighty important question. We'll tell a true story to make our point that is: If in any doubt, it is always wise to get a second opinion and have a tax attorney analyze your tax filings.

  • Rick's colleague was cited for failing to pay proper taxes and this made Rick nervous. " Was his business paying enough in taxes?" he asked. Rick hired two tax attorneys to analyze the books and tax returns. The tax lawyers found that Rick's business had paid $5 million too much in taxes over the last few years.
    • Even if your business is smaller and the lawyersfind that you paid $50,000 or $5,000 or $500 too much, wouldn't that make a difference to you?
    • And, if you're underpaying taxes, you need to know before the IRS discovers the errors and hunts you down. Penalties - interest - jail - are never good things.

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