Tax Law & Planning

Tax Law & Planning

What is Tax Planning?

Taxes are a fact of life.  Good tax planning arranges your business and personal affairs to generate the least amount of taxes.

There is no way around taxes, and if you have generated considerable assets, your tax implications are likely significant. This is where our tax planning services can be a great benefit to you. Good tax planning arranges your business and personal affairs in a manner that will generate the least amount of taxes possible. McCarthy Weidler can be of great assistance to you in this area, as we offer a full range of tax planning services.

Corporate and Business Tax Planning

There are a number of strategies that we can implement to mitigate corporate and business tax burdens. The first thing we will do is review your filings to make sure you are avoiding the common tax planning mistakes. We will also make sure you have taken advantage of any and all tax credits available to you. By doing this, we may be able to lower your tax rate. Our goal is to employ all legal strategies available to reduce the amount of your taxable income. As a business owner, there are a number of deductions you can make that will lower your taxable income. If it is deemed that there are tax payments you need to make, we can negotiate on your behalf so you will have some control over when the payments are due to be paid. This benefit is very appreciated by our clients who are dealing in seasonal businesses. They may want extra time so that they can make their tax payments while their business is in its most profitable season.

Individual Tax Planning

Our legal team can also help you plan for your individual tax filing. We can help you with your state and federal taxes. We will start by doing an analysis of your particular situation. We need to go through your various income streams, and see if there are any deductions or investment losses that should be taken advantage of. We can also discuss your retirement plan, and any future tax implications. This way you can avoid a large future tax bill. If charitable giving is important to you, we can strategize the best way for you to give so that you can also receive some tax benefits. We will also help you with residency tax planning. If you find yourself dealing with an audit, we can launch an audit defense for you. When you are working with McCarthy Weidler, you will always feel protected.

Estate and Gift Tax Planning

If you have a large estate that you would like to pass on to your heirs, you may be surprised to learn that your estate is subject to taxes upon your passing. For this reason, your estate may not be passed on to your beneficiaries as you intended. If you speak with our professional team, we will show you the best way to preserve wealth for future generations. There are federal gift and estate tax exemptions that you may be able to take advantage of. If there are minors in your care, our team can also assist you with estate planning. If there are charities that you are committed to, you can also discuss gifting campaign options with us.

International Tax Planning

If you have investments internationally, our team is able to help with any potential tax implications. Foreign investments should be in compliance with IRS regulations. We can review your portfolio to ensure that you are in full compliance with the law. If you are living abroad, there may be tax treaties we can take advantage of that will lower your U.S. tax bill. We can also help structure your investments. We can help you with asset repatriation, customs, and currency issues as well.

Nonprofit Planning

If you are thinking of starting a nonprofit, there are regulations in place governing how your nonprofit should be run. Our team is able to form and administer your nonprofit. In addition to this, we can provide you with other services such as charitable deduction planning. Depending on the amount you are donating, you may be able to make deductions from your overall taxes owing. If you’d like, we can even set up a charitable trust for you. There are different types of charitable trusts, most notably Charitable Lead Trusts and Charitable Remainder Trusts. Depending on your giving intentions, we will advise the best trust to suit your needs. We can also advise you on charitable beneficiaries and annuities, as well as donor advised funds.

Tax Controversies at the Federal, State, and Local Level

Tax law is very complex. This complexity can lead to grey areas. Our team is here to help you navigate this complex process, and will advise you on the best route to take. If disputes arise between taxpayers and taxing authorities, you will want our professional team behind you to argue on your behalf. We are well versed in case law, and will be able to provide back up to help get the dispute settled in your favor. If you are called in for an audit, we can support you through the process and help mitigate any penalties.

As mentioned, McCarthy Weidler offers a full range of tax services. Whether you are looking for tax help for yourself, your business, your estate or your investments, our experts can help you. We will provide you with strategies that may lower your tax obligations, as well as go through your portfolio structure to make sure you have claimed all the deductions and tax credits you are entitled to. You have worked hard for your money; we want to help you keep as much of it with you as possible.