The U.S. tax code is a complicated beast. It contains numerous complex provisions, tedious requirements, intricate caveats, and an abundance of exceptions. These tax laws affect almost every area of our lives, both personally and professionally. Whether you are considering a sale or purchase of property, contemplating a large or small business transaction, or preparing your estate for the future, it is likely that the relevant tax laws will – and should – influence your decisions.
Given the convoluted nature of the tax code and its ever changing provisions, it is extremely helpful to seek the advice and counsel of an experienced tax planning lawyer. At MartinWren, P.C., our skilled tax attorneys can examine your situation, assess your options, and guide you through the tax planning process to ensure you make the best decision to meet your specific goals.
Effective tax planning strives to maximize your assets, protect your personal and business financial future, while ensuring you are in full compliance with all applicable federal and state tax laws.
Tax planning should play an integral role in most every financial, business, or estate planning decision. These include:
- Federal and State Income Taxes
- Gift Taxes
- Estate Taxes
- Tax implications related to Trusts
- Tax implications of Business Purchases and Sales
- Tax implications when selecting a Business Entity
- Tax advantaged Investment Strategies
Income Tax Planning
As we all are required to make a yearly accounting for our income and assets and pay the required taxes, it may be prudent to consult an experienced tax attorney to develop and implement appropriate strategies to reduce or delay income tax obligations. Developing an income tax plan that supports your long-term financial goals may help you minimize or defer tax liabilities. A tax planning attorney can help you consider:
- Applicable rates for short and long term income tax projections
- Cost benefit of various income tax planning strategies
- Tax compliance in the face of changing tax laws
- Risk of IRS and state tax department audits
Business Formation and Transactions
It is equally as important to understand the tax implications of your specific business structure. Your classification as a sole proprietorship, limited liability company, or general partnership has significant tax repercussions. Choosing the proper business entity will ensure your business is able to take full advantage of the tax code and reduce personal and business tax liabilities.
Once your business is formed, however, the importance of tax planning only escalates. Businesses require careful tax analysis and guidance as they engage in a multitude of transactions including mergers and acquisitions, business succession planning, corporate reorganizations, asset-based financing, and bankruptcies.
Estate Planning and Administration
Whether your wealth has been accumulated through family inheritance, disciplined saving, or business ownership, tax planning is an essential step to ensuring your future dreams are realized. You may wish to pass on your assets to family, make a charitable donation, care for a loved one with a special need, or create a trust to carry out your specific wishes. Regardless of the size of your estate, the tax planning attorneys at MartinWren, P.C. believe you deserve the best structure to protect all that you have worked for.
The tax code is full of tools, both familiar and unfamiliar, that may offer you tax reduction or tax deferment. For example, estate planning techniques can provide lawful ways to pass assets to your heirs with reduced U.S. estate taxes. At MartinWren, P.C., our Virginia tax planning attorneys will discuss the advisability of using certain methods to protect your wealth and meet your needs. Pulling from our tax expertise and years of experience, the tax planning attorneys at MartinWren, P.C. can craft strategic solutions to ensure you are complying with all applicable tax laws while structuring an economically sound and tax-efficient estate plan.
The Charlottesville tax planning attorneys at MartinWren, P.C. are skilled at helping you make the most of your charitable contributions. There are several valuable income tax and estate planning strategies that you should consider when making a charitable donation. Charitable gift tax strategies are designed to reduce taxable income and estate taxes while facilitating charitable giving. These may include setting up a private foundation, charitable trust, or a donor advised fund.
Given the complex and ever-changing nature of both federal and Virginia tax laws, it is wise to consult an experienced tax lawyer who can help assess the tax implications of any financial transaction, business deal, or estate planning decision. The Virginia tax planning attorneys at MartinWren, P.C. include a CPA and an attorney with an advanced degree in tax law. Contact either Gregory M. Johnson or G. Raye Jones at MartinWren, P.C. by calling (434)817-3100. We can help ensure the tax efficiency of all your personal decisions and business ventures.