Fouts Law Group, LLC provides assistance with tax planning to individuals and businesses. Tax planning must be done during your lifetime so you can build wealth more effectively and protect your assets from burdensome taxation. Tax planning also must be done to make sure that a legacy you leave behind is not destroyed due to IRS demands.
If you are starting a business, making investment or financial choices, or creating an estate plan, you need to get legal advice today from an Atlanta tax planning lawyer. Our legal team understands the ins-and-outs of Georgia laws and federal laws on taxation and we can offer you the personalized advice you need to create a plan for the first time or to update your plans to account for changing circumstances.
Give us a call at (678) 242-8344 to speak with an experienced attorney about a personalized tax plan for you and to get answers to questions you may have about tax planning including:
- What do individuals and companies need to know about tax planning?
- What type of estate tax planning do I need to do?
- How Can an Atlanta tax planning lawyer help?
What Do Individuals and Companies Need to Know About Tax Planning?
During the course of your life, you likely will pay hundreds of thousands of dollars in income taxes. If you own a business, that company may also have to file a separate tax return and pay taxes as well, depending upon how the organization is structured.
Compliance with state and federal tax laws is important to avoid financially devastating civil penalties and to avoid potential criminal prosecution. However, while you must comply with the law, you can and should also take advantage of tax breaks and of different methods of reducing your income tax burden.
Tax planning can involve exploring different ways to reduce the amount of tax that you, your company, or both will need to pay.
For those who are self-employed and who own their own businesses, often the most important part of this process is to determine how the organization will be structured. For example, if you are organized as a C-corporation, there is the potential for double taxation because you will pay taxes on dividends or distributions and the company is also taxed on its profits. If you are organized as an S-corp, on the other hand, the company pays no tax and profits and losses can pass through to company owners. Those who own S-corps can sometimes take part of the company’s profit as distributions, rather than paying themselves a high salary. This can reduce Medicare and Social Security taxes.
Tax planning is also important for people who are not self employed but who earn regular income. Maximizing tax deductions is a part of your planning process. You also should strongly consider exploring the possibility of investing in financial accounts like IRAs and 529 college savings accounts which provide you with tax breaks. There are contribution limits and restrictions on how much you can earn while still getting tax benefits from IRAs, so you should talk with a tax planning lawyer to find out about how you can best take advantage of accounts that provide you with tax benefits.
What Type of Estate Tax Planning Do You Need?
In addition to considering tax issues during your lifetime, you also need to think about how your death can trigger taxes. Estate taxes are charged on large estates, and can sometimes end up forcing the sale of family farmland or a family business if there is not enough liquid cash to pay for the estate taxes. There could also be transfer taxes and capital gains taxes when property is inherited by heirs or sold upon your death.
You need to understand how best to transfer your property to your loved ones in ways that can reduce or avoid taxation after death. Your legacy should not be affected by the IRS trying to get its hands on money you have worked hard to acquired during your lifetime.
How Can an Atlanta Tax Planning Lawyer Help?
Fouts Law Group, LLC provides help with tax planning during your lifetime and with estate tax planning. Whether you are a business owner or just want to make sure you are not paying too much in taxes, we can provide the advice you need.
Give us a call at (678) 242-8344 or contact us online to find out more about the ways in which an Atlanta tax planning lawyer can provide you with assistance in minimizing your tax burden and protecting your personal wealth both during your lifetime and after your death.