Different Types of Tax Filings and Why It’s Important to get it Right

tax filingTax season could either be a stressful or enjoyable time for you, depending on how you file. For example, you could be subject to penalties or owing a large amount in April. Additionally, if you take out too much tax, your paychecks will be smaller. At The Law Office of Max Benkel, we specialize in tax law and can help with submitting filings correctly. Learn more about the different ways to file your taxes and how a tax attorney can help you below. 

What are the Common Ways to File Your Taxes? 

There are five main ways for you to file your taxes. They include:

  • Single. You can only file your taxes as single if you are not married or have been unmarried for the entire year. If you claim children, you could also file head of household that could provide some savings.
  • Married Filing Jointly.  You can file a joint tax return with your spouse if they agree. A joint file can also help save on taxes compared to be filing separately. However, you are both held responsible for interest or penalties.
  • Married Filing Separately. If you are married and do not agree to file a joint return, you can file married filing separately. You will include your own income and deductions if you file separately. Since you report your own income, you could save on income-based payments such as student loans. However, combined taxes are generally higher when you file separately.
  • Head of Household. This filing status is generally used if you are not married, but there are some exceptions. For example, you will need to pay for more than 50% of the home and another person who has lived in the home for more than half of the year. 
  • Qualifying Widow with Dependent Child. If you have a significant other die during the year, you can file for a joint return. 

What is it Important to Have a Tax Attorney? 

Tax attorneys can provide you with expert advice since tax problems can affect your finances and assets. To avoid problems for years to come, it’s best to consult with a professional. Tax attorneys are beneficial for several reasons, including:

  • They Understand the Law. Attorneys can provide you with updated laws since they change frequently. Tax laws are complex, and a tax attorney can help guide you through your tax filings. 
  • They Know Your Options. Tax lawyers are well versed in the policies and procedures of the IRS. As a result, they are more reliable than employees that work at tax agencies. 
  • Tax Attorneys Can Escalate Your Case. Tax services or certified accountants can usually write a letter on your behalf. However,  a tax attorney can escalate your case to court if tax negotiations are not possible. 
  • Tax Lawyers Have Unique Skills. Lawyers have the knowledge and experience to defend tax filings. However, if your case goes to court, an accountant or tax service professional may be compelled to testify against you. 
  • Filing Taxes Yourself is Complicated.  If you file alone, it may be simple in the beginning. However, if you have a business or your financial situation changes, it becomes more difficult to complete your returns accurately. As a result, you may miss new deductions, and you can run the risk of an audit. 

Contact the Law Office of Max Benkel for Tax Help 

It’s better to be safe than sorry, especially when dealing with your taxes. At the Law Office of Max Benkel, we can help you with filing your taxes. Call us to learn more about your rights and how to file your taxes properly. 

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