Irvine - Laguna Hills - Dana Point - Huntington Beach
Southern California Tax Planning Lawyer
Do you realize that those nagging IRS problems can prevent you from ever retiring? The IRS can levy your Social Security and retirement benefits. They can even go after your children's college money. If you do not take care of your IRS problem, you will probably work until the day you die because you will never have the opportunity to save or to put any funds away for retirement.
Do yourself a favor and take the first step to ending your IRS problems. Waiting will not help you or your family. Begin today and in a short time you will be just like your neighbors, co-workers, and friends, enjoying life and not worrying about an IRS bank account levy or wage garnishment.
The Law Offices of Scott Kauffman represents small business clients and individual tax payers throughout Orange County, including Laguna Hills, Dana Point, Huntington Beach, San Juan Capistrano, Mission Viejo, and Irvine, California. Contact my tax law firm today to arrange your initial consultation.
Based in Irvine, California, the Law Offices of Scott Kauffman represents clients throughout Orange County, including Newport Beach, Laguna Beach, San Juan Capistrano, San Clemente, Mission Viejo, Laguna Niguel, Laguna Hills, Dana Point, Huntington Beach, and Long Beach.
Tax Planning - An Overview
Tax planning is a major concern for every business. Improper planning could result in several negative consequences, including an extremely high tax bill and an Internal Revenue Service (IRS) audit. In addition to the federal income tax, there are a number of other tax issues that a business must consider. There may be state tax, local tax, sales tax, payroll tax, employment tax, capital gains tax, estate tax and gift tax obligations for which the business must plan. A comprehensive tax plan can help ensure that your business complies with all the applicable tax regulations.
A tax attorney can assist your business with creating a complete tax plan.
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Tax Laws Affecting Businesses
A tax is a compulsory payment by an individual or business entity to a governmental body. Federal, state, city, county and other governmental entities impose taxes on both businesses and individuals. A business must plan for all of these potential tax obligations. An attorney who practices tax law can advise your business about applicable state and local taxes to which your business may be subject.
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Federal Income Tax
Federal income tax is the largest contributor of revenue to the federal budget. Income tax law is complex, especially when applied to businesses. It is critical for businesses to have an understanding of these laws and how they will affect the business' tax liability and bottom line. A tax attorney can assist your business with understanding and complying with federal income tax laws.
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Income Tax Deductions for Businesses
Careful planning can allow a business to lessen its tax liability by using qualified income tax deductions. The Internal Revenue Code can be a daunting piece of text. It is exceedingly long and detailed. In addition, most sections of the IRC have corresponding regulations that further help to interpret its provisions. However, a basic understanding of deductions is important as they may lessen your business' tax liability. A tax attorney can help your business minimize its tax obligation with federal income tax deductions.
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Business Organization and Taxation
When deciding which type of entity is right for your business, it is important to consider the tax implications. Each entity is subject to different taxation requirements. The most common types of domestic business entities are sole proprietorships, partnerships, corporations and limited liability companies. A tax attorney can help you weigh the tax advantages and disadvantages of the different business forms.
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