Thinking about expanding into a new legal practice area? Well, you may want to think about incorporating tax law into your practice.
Unlike personal injury, employment, or family law, the one area of the law that every American adult has to deal with is tax law.
And with new tax laws constantly being passed, along with the complex nature of tax laws in general, there are many people out there needing the assistance of a good tax attorney.
So here's a look at three reasons to incorporate tax service into your practice:
- Everyone will be paying more in taxes. Just about everyone will be paying more in taxes in 2013, Reuters reports. This is due to the marginal tax rate change and the expiration of the Bush-era payroll tax cuts. As a result, you can count on a lot of tax payers needing legal counsel on how to keep their taxes low and which deductions to take.
- Many tax breaks are set to expire. Do you even know all the possible tax breaks out there? If you don't, you can bet that most people who would benefit from such breaks are equally unaware. If you market a service that will actually save taxpayers money, customers are likely to come flocking to your door.
- Preferential rates for specific income types are rising or expiring. As a result of the "fiscal cliff deal," there are many changes to preferential rates for income types like capital gains and qualified dividends. Every time a new law is passed, this gives you an opportunity to become a master of the changes and corner a new market.
One thing's for certain: As long as people have to pay taxes, they will always be looking for ways to legally lower their tax bills. Especially as tax season is getting underway, you may want to strongly consider adding tax law to your practice this year.
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