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[P190]People Who Need A Babysitter

by Seomul Evans, Seo

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If you think that being in debt to the IRS is stressful in and of itself, try coming face to face with an IRS auditor or getting correspondence from the IRS listing your back taxes plus the penalties and interest that are quickly accumulating. In other words, if you find yourself in an IRS-related predicament, you need to deal with it immediately and you need to enlist the assistance of a professional. So if you find yourself in any sort of uncomfortable position with the IRS, the wisest move you can make is to hire a tax attorney. What might those positions be? Here are five:

1. You pay taxes. Yes, tax attorneys can help anyone, whether a business owner, owner of a large estate, or just a regular citizen. And it's never a bad move to consult with one regularly in order to avoid future tax problems. Tax attorneys can help you organize your paperwork and keep your records straight, which can reduce a lot of personal stress.

2. You owe back taxes. If you or your business owe back taxes and find yourself unable to pay them in full, you need a tax attorney. There are many reasons why an individual or business might not file back taxes. Some simply don't think the IRS will notice. Others choose not to pay taxes because they can't afford to at the time. The truth is that there are employees of the IRS whose sole responsibility it is just to look for individuals or businesses that don't file taxes. It's a serious issue to the IRS and they will treat it as such. That's why you need a tax attorney on your side.

3. You're negotiating anything with the IRS. You may be negotiating back taxes or addressing an audit. Regardless of what it is you're discussing with the IRS, you need a tax attorney working for you. Tax attorneys know the lingo. They know the loopholes. They know where the grey areas are in the tax law and how to make those loopholes work in your best interest. They can not only speak the language, but they can make sure you only pay the minimum amount required to the IRS.

4. You're considering bankruptcy. There seems to be an overriding attitude in this country that filing bankruptcy can solve all of an individual's financial problems. In reality, bankruptcy laws are very strict and often involve much more trouble than most people realize. A tax attorney can not only help you decided if you should file for bankruptcy but can also make sure you do it by the book.

5. You own your own business. Any small business owner should use the services of a tax attorney. It is quite difficult to keep paperwork in order, which can be a problem if you find yourself subjected to an audit. A tax attorney can help you organize all pertinent information so that it can be easily produced in the event of an audit. Organized paperwork not only makes you look more professional in the eyes of the IRS, but it also shows that you take the process seriously. A tax attorney can also help you determine your options regarding tax returns so that you can save the maximum amount of money and reinvest it in your business. They can also point out which deductions you're not taking advantage of and can help you get the biggest refund you can.

Many people approach consulting a tax attorney with much trepidation, fearing that the cost will be prohibitive, but the fact is that the services provided by a tax attorney can actually save an amazing amount of money for you or your business in the long run.

You will want to begin by creating a list of the qualities you want in your team members. While experience is valid and necessary, it can often be a challenge to find those who have the same values that you do. Or who have the right qualities and personality that you feel you can work with.

Assembling your team is a fluid process. The individuals you begin with today may not be the ones you end up with two years from now. Or even six months from now. And that's okay. The key is to work through the process until you have the people on hand that you can call on when needed.

1. A Mentor

Hopefully you have a mentor. If not, find one. Of course there are those you can find online who are the known guru's,and you can learn much from them. But you really need someone you can work with locally. Find someone in your area who is successful and see if that person might be willing to teach you the ropes. A good place to begin is at a local real estate investor association (REIA) meeting. If there is an active one in your city, attend and get to know your peers.

2. Real Estate Attorney

A good real estate attorney is vital to the success of your business. One of the first questions you want to ask a candidate is: What experience do you have in creative real estate investing? The attorney you choose must be open to understand this subject. If you get a glassy-eyed stare, keep searching. Another question to ask is if the attorney has other real estate investors as clients. Take your time and do a thorough search. Your attorney will be a valuable member of your team.

3. Mortgage Broker

Look for a mortgage broker who has had the experience of working with other investors. They need to be creative and flexible. Find out what programs they have available. Does this broker work with a few lenders, or with many? If you come upon a willing buyer who needs financing, you'll want this relationship secured far in advance.

4. Real Estate Agent

It's an ongoing question of whether a wholesaler needs to work with a realtor or not. The answer is, have one ready just in case. Find one who is possibly already working with investors. Explain that you are not asking them to "show" houses, just forward leads to you. Invest the time needed to seek out the one (or ones) who understand how investors do business. This can be your connection to the MLS listings, as well as getting access to expired listing.

5. Contractor

A good contractor is hard to find. And one who is trustworthy and dependable is even harder to find. Even though you may not be planning to do any rehabbing, you never know when you might need general repairs done. While most investors guard their contractors jealously, you might begin by asking around at your local REIA meeting. This is one team member you will not want to leave to chance.

Conclusion

Your real estate investing business requires a number of knowledgeable professionals. The ones listed here will be just the beginning of your team building efforts. You will also be looking for such entities as a title company, an insurance agent, an accountant, and possibly a few hard money lenders.

This is not something to be left to chance. Reputable professionals don't just appear. It will be your job to seek them out. And to do it before you need them.

Article Source : Tax Attorney

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Both Seomul Evans & Iman Yusef-yahya are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Seomul Evans has sinced written about articles on various topics from Search Engine Marketing, Business Promotion and PPC Advertising. Seomul Evans is a consultant for leading