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Tax Law

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Financial/Tax Planning and Tax Challenges for Individuals and Business Entities 

Tax/Financial Planning and Tax Preparation:

State, Federal, and local taxes absorb approximately one-third of all income earned by an individual and around forty percent of income from business entities. While taxpayers must pay taxes required by law, there is no law which prevents taxpayers from reducing their tax burden by prudent tax planning. Proactive tax planning can reduce, delay or occasionally eliminate some taxes. Tax planning can help all taxpayers regardless of their income level.

Audits and Tax Litigation:

Under state and federal constitutions, the Internal Revenue Service and state departments of revenue have nearly unlimited power to interpret tax law and gain collections from taxpayers. However, these same agencies have numerous self-defined limitations and procedures that limit their power and protect taxpayers. These agencies are required to notify taxpayers of general defenses and procedures, but no agency provides an advocate who works solely for the taxpayer’s best interest.

A Random Audit, Field Audit, Office Audit or Correspondence Audit all sound intimidating and—if ignored—can lead to wage garnishment, repossession, foreclosure, and imprisonment. However, state revenue agencies and the IRS in the greater majority of situations simply want payment for taxes they believe they are owed. Many matters can be resolved without costly litigation. Some matters can even be resolved by providing additional documentation. Other matters can be settled in manner that allow you, the taxpayer, to pay-off the deficiency in reasonable monthly rates.  

 

 

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