While common questions will be about tax deductions, your tax goals will be different as an individual and as a company owner.
Common Questions to Ask When Hiring a Tax Attorney for Personal Claims
These are general questions you should ask when interviewing for a new tax attorney:
What their availability is throughout the year
You might need an attorney outside of tax season, so make sure your schedules match.
Ask for their certifications and qualifications
A tax attorney who has chartered status means that they have specialist training with extra certifications.
How much do they charge for services
Some tax attorneys charge by the hour or use a flat rate.
You need to know what their experience is with business accounting and personal accounting
If you are filing your taxes as an individual, a relatively new personal tax accountant with little to no business experience will be okay. Still, if you have big ticket items or a business, you’ll need someone more experienced.
Essential Questions to Ask Your Tax Attorney When They Are Working For Your Business
A seasoned tax attorney will care about the most efficient way they can help your business, but they will still need your guidance and input. The right questions to ask are:
Should I remain a sole trader or switch to a partnership?
If your company is growing and revenue is increasing, you need to consider if your business structure is suitable so that you avoid bigger risks and tax liabilities.
How much tax is my business expected to pay this year?
If your tax accountant can give accurate tax projections, they can plan the right strategy by the end of the financial year.
How can I improve my business?
They should help you know where to effectively reduce unnecessary expenses so that you maximise profits.
Your tax accountant should also know how much you have withdrawn from the company in terms of loans, dividends, and wages. They should also identify the latest regulations, like grants or concessions that can benefit your business.