Fouts Law Group, LLC provides tax planning assistance to businesses and individuals. You need tax planning so that you can build wealth and achieve your financial goals, as well as to effectively protect your assets from unnecessary taxation. Tax planning must also be conducted to ensure that your financial legacy is not destroyed by the IRS.
You need assistance from an Ellijay tax planning attorney whether you are starting a business, creating an estate plan or making financial choices. Our legal team understands the complexities of Georgia laws and those federal laws that dictate taxation. We can assist you in creating a personalized tax plan to meet your needs now and in the future.
Call our team at (678) 242-8344 to discuss your needs with an experienced attorney who can help you create an individualized tax plan and answer any questions you may have about creating a tax plan, including:
- What do I need to know about tax planning?
- What type of tax planning do I need?
- How can an Ellijay tax planning attorney help?
What Do I Need to Know About Tax Planning?
Over the course of your life, you will pay out tens of thousands of dollars in income tax. If you own a business, your company may also be paying out, depending on how you have structured your business.
Compliance with state and federal taxes is imperative in order to avoid steep civil penalties and to avoid criminal prosecution. Even if you are complying with tax law, you need to take advantage of the tax breaks that are often overlooked and the different methods available to reduce your income tax burden.
When you sit with an attorney to create a tax plan, you will explore the different ways to reduce the amount of tax you and your company will have to pay.
If you are self-employed or own your own business, the most important part of the tax planning process is determining how your organization will be structured. For example, if you are a C-corporation, there is a potential for double taxation. You will be paying taxes on dividends or distributions, and your company will pay taxes on profits. If you are organized as an S-corporation, your company pays no tax and profits and losses are passed through owners. You may also be able to reduce Medicare and Social Security taxes as an S-corp.
Even if you earn a regular income from an employer, you need tax planning advice. Maximizing your deductions will be part of your tax plan. You may also choose to invest in financial accounts like IRAs and 529 college savings accounts to take advantage of tax breaks. There are restrictions on how much you can earn and contribution limits as well, making a structured tax plan important. Let one of our attorneys help you discover how you can take advantage of all the tax benefits that are available.
What Type of Tax Planning Do I Need?
You do need to consider tax issues during your lifetime, but you also need to consider how your death can affect your taxes. Estate taxes are charged upon your death on large estates, and these can sometimes force your family to sell your property if there is not enough liquid cash to pay these taxes. There may also be a transfer of taxes and capital gains taxes when your property is inherited upon your death.
When you set up a tax plan, you are helping to reduce the taxation your heirs may be faced with upon your death. Your legacy should not be negatively impacted by the IRS.
How Can an Ellijay Tax Planning Attorney Help?
Fouts Law Group, LLC can help you with tax planning during your lifetime. We can also assist you with estate tax planning. Whether you are an individual or a business owner, you want to be sure you aren’t paying too much in the way of taxes. Let us provide you with the advice you need.
Call our office at (678) 242-8344 or reach out to us online to discover more ways in which an Ellijay tax planning attorney can provide you with assistance in protecting your personal wealth and minimizing your tax burden.