Tax Planning

Death and taxes are the only sure things in life. While tax planning is not beneficial to the vast majority of Americans, if you are a business owner, high earner, or super saver tax planning may save you thousands or even millions of dollars. The tax code is incredibly complex; including all the regulations, statutes, and case law the code runs over 70,000 pages. It’s so complex that no one person truly understands it all.

What Does Tax Planning Comprise?

Tax planning generally consists of deductions, diminutions, dividing, and deferring to reduce the tax burden. As it’s been said, “a dollar deferred is a dollar never paid”. By using valuations, splitting the tax burden, and judicious use of deductions, your tax burden can be reduced today.

Individual and Trust Tax Planning

There are a number of deductions available to individuals, we can help you capture them all. Trusts are taxed at compressed income brackets and so require a higher degree of care and planning. When your tax return involves a significant amount of wealth and/or an intergenerational trust, you need an expert to save you thousands in potential tax mistakes. Don’t pay more taxes than you have to.

 

Business Tax & Wealth Protection Planning

There are a number of different business entities you can choose from when forming your business. Some choices offer personal liability protection, tax advantages, and other benefits; while others are easier and cheaper to operate under. Choosing the right entity is a complex choice a tax planning attorney at Copper State Planning can help you with.

But, my CPA has this covered right?

Unfortunately, the answer is probably not. Most CPA’s do not specialize in tax planning. They are experts in accounting, not planning. While some do focus their practice on tax minimization, the vast majority simply help people and businesses prepare their taxes and account for their profits and losses.

Unless you want to pay more in taxes than you need to, give us a call today. We’ll craft a comprehensive tax plan and make sure you don’t pay more taxes than you have to.

Individual and trust tax planning

It is not only corporations and pass through entities that must worry about certain tax implications. Individuals must, too, and when a person’s tax return involves a significant amount of wealth, these tax implications become serious and quite complicated. A professional familiar with tax law can advise on how to protect an individual’s best interests and ensure the effective use of tax law so that they face as few tax consequences as possible.

Let’s Make a Plan

Don’t worry, we’ve got this. We’ll guide you through every step of the process and make sure everything will be okay.

Call us today to speak with your legacy guide.

Choice Of Business Entity And Formation

When starting a business, it is crucial to understand the tax implications associated with the type of business structure you choose. For example, if you start a sole proprietorship, you and your business are considered one entity, and as such, you are personally responsible for the income, losses, and expenses on your tax returns. However, if you structure the business as a limited liability company, or an LLC, you and the business are considered separate entities from a tax standpoint, and so, there are fewer implications.

Paying taxes is a reality for many households and companies in the United States. However, too many parties pay unnecessary taxes because they are not familiar with all applicable tax laws. The Internal Revenue Code is extraordinarily complex and you should always have a tax planning attorney evaluate your situation to identify any laws that can reduce your tax burden. Our lawyers at SF Tax Counsel help clients with tax planning in even the most complicated circumstances.

Personal Tax Planning

We help individuals and married couples plan from the start of the year to maximize their deductions and minimize liability. Our attorneys can assist with the following and more:

  • Planning to utilize deductions.
  • Planning to minimize or avoid federal income taxation
  • Planning to defer taxation through like-kind exchanges, installment sales or other methods.
  • Planning to maximize the use of favorable capital gains and qualified dividends.
  • Tax compliance and tax reporting opinions.
  • Business Tax Planning – Taxes can get more complex for partnerships, corporations, and other businesses. We help companies of all types and sizes implement planning strategies, including:
  • Business entity planning to determine which entity is the most appropriate to utilize for federal tax purposes.
  • Stock option planning for federal income tax purposes.
  • Entity planning for asset protection purposes.

My CPA has me covered, right?

Probably not.

Most small business owners believe their CPA has been taking these deductions for them. In many (or most) cases, that isn’t correct. Your accountant is busy 50 to 60 hours a week (more during tax season) preparing client tax returns, offering payroll and bookeeping services, and many other things. The only tax education most practicing CPAs get is the occasional tax seminar they attend, maybe one or two during the year.

At ARM Lawyers, we spend our time advising clients how to reduce their tax burden. We stay up to date on the day to day changes in the tax laws so we can properly advise you on how to save as much of your hard-earned money as possible.

How much money can I save?

Failing to take all the deductions you are entitled to could cost you thousands of dollars in tax payments to the IRS that you aren’t really required to make. We can ordinarily save business owners thousands (or tens of thousands) by making small changes in their accounting. That’s what we see every single day.

But how much does tax planning cost?

The initial assessment is absolutely free. After this assessment, we can provide an initial projection as to the amount of money you can save. Our fee is always less than the amount you save so you ALWAYS come out ahead. It’s almost as if the IRS is paying for your tax plan!

Is it worth a few minutes of your time to obtain your FREE tax assessment?

What does a tax plan provide?

We provide a comprehensive tax plan designed specifically for your business to meet your goals. We work with you to provide the tax deductions and loopholes best suited for your specific situation and your specific industry. For example, we provide:

  • Allowable business deductions tailored to your industry which most CPAs miss
  • The optimal legal entity for your business to reduce your tax burden
  • Multiple tax strategies only business owners can use
  • Detailed documentation supporting our strategies
  • Wealth protection strategies
  • Tax free income strategies

You may just find out you’ve been overpaying the IRS tens of thousands of dollars for YEARS.

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Let’s Talk

I’m sure you have a lot of questions. And we’re here to answer them. Just give us a call or fill out the form to the right and we’ll call you.

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