For business owners and self-employed workers, filing a corporate tax return is a time-consuming, labor-intensive task with high stakes and serious penalties for mistakes. Many small business owners, regardless of their level of expertise, often don't have the time to keep up with changes to the tax code, which can result in stiff penalties and an increased tax burden.

Lance S. Cox Attorney at Law, a tax attorney serving businesses throughout Cincinnati, has some tips for reducing the expense and headaches involved with filing your corporate returns:

• Don't Procrastinate: The more complex your taxes are, the more overwhelming the project may seem. However, as daunting as it may appear, your tax return isn't as complex or stressful as an audit, or even the fines that result from missing the filing deadline. Different corporate forms may have different deadlines, so speak with your tax attorney or CPA for help with deciding when to file.
• File Even If You Don't Owe: Businesses and individuals who don't expect to owe taxes must still file an informational tax return with the IRS. In fact, the penalty for failing to pay may be more than the costs of preparing your returns on time.
• Hire A Tax Attorney: The tax code is incredibly complex, especially as it pertains to small businesses and deductions. Business owners commonly miss deductions they're entitled to, meaning they don't get the full tax benefits of their expenses. You may accidentally also claim a credit you don't deserve, which will certainly create trouble with the IRS later on. With their expertise, your tax attorney will ensure your corporate returns are filed accurately and on time.

With over 30 years of experience, Lance S. Cox Attorney at Law has worked with businesses in almost every industry, helping contract employees and business owners alike reduce their risks and liabilities. Schedule a consultation with a tax attorney today by calling (513) 528-6000, or visit their website for more information.