By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Marketing In Asia
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
    Marketing
    This category deals with best news and updates on marketing and branding news and events.
    Show More
    Top News
    Sangeeta Mudnal
    How conversational commerce benefits marketers
    3 months ago
    Andrew Monu, VP of Marketing, LinkedIn
    Marketing in Asia Presents an Exclusive Interview with Andrew Monu, VP of Marketing, LinkedIn
    3 months ago
    Ankita Thakur
    Marketing in Asia Presents an Exclusive Interview with Ankita Thakur, Group Head of Marketing, MoneyHero Group
    3 months ago
    Latest News
    Marketing in Asia Presents an Exclusive Interview with Cris Tan, Associate Director, Publisher Development (SEA)
    3 months ago
    Time for ASEAN to Rethink a Single Currency Amid Global Trade Tensions
    3 months ago
    Marketing in Asia Presents an Exclusive Interview with Carine Chin, Head of Corporate Marketing, Etiqa Insurance Singapore
    3 months ago
    Marketing in Asia Presents an Exclusive Interview with April Tayson, Regional VP INSEAU at Adjust
    3 months ago
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
    Startup
    News and articles from startup and venture investment world
    Show More
    Top News
    Japan’s Evolving Booze Culture: A Market in Transformation
    Japan’s Evolving Booze Culture: A Market in Transformation
    10 months ago
    text
    Safe Space™ announces partnership with National Healthcare Group as it continues to boost employee support and wellbeing
    11 months ago
    Sakshi Kalani Founder & CEO of Savy Click and Jaipur Unfolded
    AI-Powered Analytics: Sakshi Kalani on Influencer Marketing in 2025
    11 months ago
    Latest News
    Byron J. Fernandez: Minimize the stress of business crises with strong CX
    9 months ago
    Vedant Mahajan Acquires Stake in Flite: Transforming Event Technology with Innovation
    9 months ago
    Navigating the Digital Economy and Tax Challenges for SMEs
    9 months ago
    sehatUP Launches India’s First Integrated Digital Health Clinic, Pioneering Holistic Healthcare
    10 months ago
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
    Business
    News and press releases from business world of Asia
    Show More
    Top News
    Andrew Monu, VP of Marketing, LinkedIn
    Marketing in Asia Presents an Exclusive Interview with Andrew Monu, VP of Marketing, LinkedIn
    3 months ago
    Ankita Thakur
    Marketing in Asia Presents an Exclusive Interview with Ankita Thakur, Group Head of Marketing, MoneyHero Group
    3 months ago
    Mary Reschar, Head of Product Marketing, Fluent Commerce
    How retailers can prepare for the rise of Gen Zalpha
    3 months ago
    Latest News
    Marketing in Asia Presents an Exclusive Interview with Cris Tan, Associate Director, Publisher Development (SEA)
    3 months ago
    Time for ASEAN to Rethink a Single Currency Amid Global Trade Tensions
    3 months ago
    Marketing in Asia Presents an Exclusive Interview with Carine Chin, Head of Corporate Marketing, Etiqa Insurance Singapore
    3 months ago
    Marketing in Asia Presents an Exclusive Interview with April Tayson, Regional VP INSEAU at Adjust
    3 months ago
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
    Society
    News and articles from and for societies around us
    Show More
    Top News
    Smashers Sports Acquires Delhi Franchise of WPBL: A Game-Changer in India’s Sports Entertainment
    Smashers Sports Acquires Delhi Franchise of WPBL: A Game-Changer in India’s Sports Entertainment
    8 months ago
    Resorts World Cruises Sets Sail from Dubai with New Luxury Gulf Voyages
    Resorts World Cruises Sets Sail from Dubai with New Luxury Gulf Voyages
    10 months ago
    Australia luxury property
    Australia’s Luxury Real Estate Market Soars as Affluent Buyers Seek Waterfront Dreams
    10 months ago
    Latest News
    From Taboo to Triumph: How Malaysians Are Transforming Their Intimate Health Journey
    5 months ago
    Top 5 Misconceptions About Antibiotics Malaysians Need to Stop Believing
    5 months ago
    Eagle Eye Reveals Impact of Loyalty Programs on APAC Retailers
    5 months ago
    Elevate Your Haircare in 2025 with Jung Beauty’s Luxurious Camellia Edition Treatment
    8 months ago
  • Press Release
  • Awards
    • MIA Impact Circle Stellar CxO 2023 Malaysia
    • MIA Impact Circle Stellar CxO 2023 India
    • MIA Impact Circle Stellar CxO 2023 Philippines
    • Australian Women in Business Excellence Awards
    • MIA Impact Circle Stellar CxO 2024 Singapore
    • Mia Impact Circle Stellar Cxo 2024 Hongkong Award 
    • Mia Impact Circle Stellar Cxo 2024 Indonesia Award 
Search
Technology
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
Other Pages
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Web Stories
  • Videos
  • Disclaimer
  • Terms of Service
  • Privacy Policy
© 2024 Marketing In Asia Sdn Bhd. All Rights Reserved.
Reading: 6 Vital Ways A Tax Attorney Can Help Business Owners
Share
Sign In
Notification Show More
Latest News
Test Post for WordPress
Open Category
Colgate
Groundbreaking New Campaign Unveiled for Colgate Optic White Purple Featuring K-Pop Icon IU, Redefining Oral Care as a Beauty Essential
Press Release
Thomas Karthaus
Exclusive: Thomas Karthaus, Country Manager of Southeast Asia & Greater China at Qualtrics, in Conversation with Marketing In Asia
Press Release
Goan food
The Chilli Trails of Konkan: a celebration of heat, heritage & the heart of coastal India at The Astor Goa’s Deck 88
Press Release
Euthopia airlines
Ethiopian Airlines, a Star Alliance Member, appoints Ellerton & Co. as Public Relations Agency for Singapore and ANZ
Press Release
Aa
Marketing In Asia
Aa
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Startup Register & Login
Search
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
  • Press Release
  • Awards
    • MIA Impact Circle Stellar CxO 2023 Malaysia
    • MIA Impact Circle Stellar CxO 2023 India
    • MIA Impact Circle Stellar CxO 2023 Philippines
    • Australian Women in Business Excellence Awards
    • MIA Impact Circle Stellar CxO 2024 Singapore
    • Mia Impact Circle Stellar Cxo 2024 Hongkong Award 
    • Mia Impact Circle Stellar Cxo 2024 Indonesia Award 
Have an existing account? Sign In
Follow US
© 2023 Marketing In Asia Sdn Bhd. All Rights Reserved.
Marketing In Asia > Blog > Marketing > Experts > 6 Vital Ways A Tax Attorney Can Help Business Owners
ExpertsMarketing

6 Vital Ways A Tax Attorney Can Help Business Owners

profile
Last updated: 2022/08/03 at 3:55 AM
SIA Editorial Team
Share
6 Min Read
SHARE
Filing taxes is a gigantic undertaking for business owners as figuring out the intricacies of commercial or enterprise-related tax can be difficult and fines can be huge if there is any discrepancy in the process.

Tax audits can be particularly harsh for business owners who have either forgotten or incorrectly filed their taxes even once. Working with a tax attorney can alleviate many of your troubles as they can handle responsibility for correctly calculating your taxes and obtaining the necessary paperwork.

  1. A Comprehensive Analysis Of Applicable Taxes

Tax attorneys are incredibly specialized in tax law and the tax net prevalent in the country. Apart from federal taxes, businesses regardless of size can also be liable to pay local or state taxes. Furthermore, no business (not even a certain type of business) will have the same amount liable in tax.

 

Also Read:This Brand Is Reinventing The Concept Of Paan In India

The full scope of activities of a business and a multitude of other factors determine the end amount of tax that needs to be paid. Businesses that operate internationally or have an established presence in their own country supplying far and wide, will be subject to additional taxes as well compared with very small local businesses. A tax attorney can figure out the exact varieties of tax that apply to your business making the process smoother and hassle-free.

  1. Save Time And Effort

One of the biggest advantages of hiring a tax attorney to do your taxes for you is that you save time and effort. Not only is it time-consuming to research the types of tax liable to your business but very few business owners can do so correctly without any kind of professional advice. Save yourself from errors and legal hassles by getting a tax attorney on the job.

  1. Benefiting From Provisions 

Certain provisions exist for business owners depending on several factors and the type of business they are running. A tax attorney will have his/her finger on the pulse and will know of any new laws being enacted or provisions being provided for the convenience and encouragement of business owners. They can get you significant tax deductibles that will allow you to manage your business income more effectively.

  1. Reporting The Right Amount Of Income

In most countries and especially in the US, reporting your business income is required by law. A great deal of accuracy is required in reporting income but business owners can get confused regarding how to calculate gross or net income. Gross income which includes total earnings without any deductions made for interest and other expenses is usually what is required by the IRS. Working with a competent tax attorney will ensure all your income is reported correctly and on time so no fines are levied against your business. While incorrect reporting is not a crime for which you will need to seek out the help of an Orlando criminal defense attorney, it can nonetheless cause financial damage to the standing of a business.

  1. Managing Employee Taxes

Most businesses have hired personnel of different kinds and these hires are liable to taxation. A good tax attorney can identify which taxes are applicable to your employees regarding their status as permanent, temporary, part-time, or independent contractors. Taxes can also vary if a business is a partnership or a private limited company and whether it consists of only a couple of people who classify themselves as self-employed business owners or not. You can leave it to the tax attorney to fine-tune these distinctions and include them in your tax paperwork. An expat tax CPA can help business owners in other countries especially if they are looking to expand their business presence.

  1. Disputes And Planning 

Managing your tax profile is rarely a simple, straightforward task and there can be disputes with the tax collection authority in your country even without reckless behavior or willful disregard for the law. Tax attorneys are skilled in navigating disputes and solving them before they end up in court.

Most tax collection authorities like the IRS do not consider ignorance as a good enough reason for incorrectly filing taxes so employing a tax attorney can be indispensable for avoiding trouble. Tax attorneys are also adept in future tax planning which ultimately plays a role in the profitability of your business and determines whether certain activities are feasible to continue or not. Some businesses that rely heavily on imports for example may find that import duties and other related taxes are too much to pay and may consider local suppliers instead.

You Might Also Like

Marketing in Asia Presents an Exclusive Interview with Cris Tan, Associate Director, Publisher Development (SEA)

Time for ASEAN to Rethink a Single Currency Amid Global Trade Tensions

Marketing in Asia Presents an Exclusive Interview with Carine Chin, Head of Corporate Marketing, Etiqa Insurance Singapore

Marketing in Asia Presents an Exclusive Interview with April Tayson, Regional VP INSEAU at Adjust

How conversational commerce benefits marketers

MIA
Get Latest Job Updates on Whatsapp and Telegram
SCIKEY Logo
Whatsapp
Telegram
TAGGED: commercialtax, tax

Sign Up For MIA Newsletter

Be keep up! Get the latest updates about the Marketing world delivered straight to your inbox.

    By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
    SIA Editorial Team August 3, 2022 August 2, 2022
    Share This Article
    Facebook Twitter LinkedIn Email Copy Link Print
    Share
    What do you think?
    Love0
    Happy0
    Joy0
    Surprise0
    Sad0
    Angry0
    Cry0
    Previous Article Steps To Being A Successful Solo Entrepreneur
    Next Article Concert Bio Lands Pre-Seed Round To Fix Hydroponic Farming’s
    9.5k Followers Follow
    3.4k Followers Like
    1.1k Followers Follow
    214 Followers Follow
    208 Subscribers Subscribe

    Latest News

    Test Post for WordPress
    Open Category 3 days ago
    Colgate
    Groundbreaking New Campaign Unveiled for Colgate Optic White Purple Featuring K-Pop Icon IU, Redefining Oral Care as a Beauty Essential
    Press Release 4 days ago
    Thomas Karthaus
    Exclusive: Thomas Karthaus, Country Manager of Southeast Asia & Greater China at Qualtrics, in Conversation with Marketing In Asia
    Press Release 4 days ago
    Goan food
    The Chilli Trails of Konkan: a celebration of heat, heritage & the heart of coastal India at The Astor Goa’s Deck 88
    Press Release 4 days ago

    PropertyGuru

    property guru

    You Might also Like

    Cris Tan
    AdvertisingInterviewsMarketing

    Marketing in Asia Presents an Exclusive Interview with Cris Tan, Associate Director, Publisher Development (SEA)

    3 months ago
    Asean countries
    EconomicsOpinion

    Time for ASEAN to Rethink a Single Currency Amid Global Trade Tensions

    3 months ago
    Carine Chin
    BusinessInterviewsMarketing

    Marketing in Asia Presents an Exclusive Interview with Carine Chin, Head of Corporate Marketing, Etiqa Insurance Singapore

    3 months ago
    April Tayson, Regional VP INSEAU at Adjust
    BusinessInterviewsMarketing

    Marketing in Asia Presents an Exclusive Interview with April Tayson, Regional VP INSEAU at Adjust

    3 months ago
    //

    Get Asia to Notice You

    Quick Link

    • Contact
    • RSS Terms of Service
    • Policies & Standards
    • About Us
    • FAQ
    • Disclaimer
    • Terms Of Service
    • Privacy Policy

    Top Categories

    • Marketing
    • Startup
    • Feature Stories
    • News
    • People
    • Inspiration

    Sign Up for Our Newsletter

    Subscribe to our newsletter to get our newest articles instantly!

      Marketing In AsiaMarketing In Asia
      Follow US
      © 2024 Marketing In Asia. All Rights Reserved.
      • Disclaimer
      • Terms of Service
      • Privacy Policy