The amount of tax you owe the government results from a year’s worth of tax planning. The federal and state tax laws are complicated. An experienced attorney can help you with tax planning, putting you in a better situation come tax season.
Tax Laws Are Extremely Complex
Tax planning is all about being proactive. You have the overall goal of using the tax laws to your benefit as much as possible, but you likely do not have the knowledge to do it. An accountant knows the deductions you can take on your tax return, but an attorney has an even more in-depth knowledge of tax laws and interpretations.
Taxes are complex enough for individuals. As challenging as personal income tax returns can be, they are exponentially more complicated for businesses. Both the business itself and its executives need help with tax planning.
Businesses are responsible for paying their taxes quarterly. Businesses do not want to overpay taxes because it means that they may not have money during the tax year when they need it. They also do not want to underpay too much because they could owe a steep penalty.
Tax planning is every bit as much about keeping you out of trouble as it is about saving money. A tax planning attorney knows where the IRS focuses and how they respond in certain situations. They can use that knowledge to help you act within the law.
You Must Stay Ahead of the Curve for Tax Planning
Tax attorneys are not just here to help you when the IRS is auditing you or when you are fighting a tax assessment. An attorney can help you get ahead of the curve in tax planning. Depending on the complexities of your finances, the attorney can help you with strategies to minimize your tax obligations while staying within the law. Federal law provides for tax shelters and credits that you may know otherwise have known about. If you try to handle your tax situation alone, you can leave money on the table. When you see your accountant for your taxes in the spring, it will be too late to take advantage of what federal law allows.
The IRS has thousands of pages of tax laws, regulations, and guidelines. These statutes are constantly changing, as Congress routinely makes significant and minor changes to the tax code. Then, there are IRS interpretations and ways of doing things that only an attorney would know.
Taxes are more than just annual deductions that can reduce your yearly bill. You and your family can benefit from long-term tax planning that can help you in the future. You could be starting a business and want to plan for the short and long-term effectively. Tax laws address complex situations and the rules that affect households in their daily lives.
How Can a Tax Attorney Help Me?
Here are some ways that an experienced tax planning attorney can help you, including:
- Listen to you and learn about your needs and goals.
- Counsel you on federal tax laws and regulations.
- Identify proactive strategies that may be able to save you money.
- Work on an individualized analysis and plan for you.
The Plainfield Tax Attorneys at Herold Law, P.A. Can Help You With Tax Planning
Our Plainfield tax attorneys at Herold Law, P.A. have detailed knowledge of the tax code. We will provide you with personal service that accounts for your situation. Call us at 908-679-5011 or contact us online to schedule an initial consultation. With offices in the Plainfield area, including Warren, New Jersey, we proudly serve clients across New Jersey.