Raleigh Business Tax Planning Case Illustration
Maria is the co-owner of a successful dental group in Raleigh. With her practice achieving $3.5 million in revenue every year and employing 25 people in the area, tax liability is a major concern for Maria. Wanting to reduce the amount that she pays in taxes every year and fully leverage the revenue of her practice, Maria turns to a Raleigh business tax attorney per a colleague’s recommendation. Together, Maria and her attorney develop a tax planning strategy to minimize her tax burden across all business transactions and operations.
Raleigh, NC Business Tax Planning Attorney Implementing Effective Strategies For Businesses
Most business owners know that strategic income tax planning is a key to the growth and success of a business, yet many business owners struggle to implement the right strategies. That’s where our business tax planning attorneys can help.
The goal of business tax planning is to minimize your company’s tax burden so that the company can re-invest and grow. NC Planning works with strategic advisors and your own team to review, recommend, and implement tax planning strategies to minimize your income tax losses.
We work with business clients in a range of industries and in every part of the United States. Whether you are setting up a small local business or a global company, we can help you choose the appropriate business entity while minimizing your tax obligations.
What Are Tax Minimization Strategies?
We help you understand and plan for the tax consequences of everything from your business entity selection to complicated business transactions. Our tax planning attorneys also provide strategies for eliminating or substantially reducing business transfer taxes and business succession taxes.
At NC Planning, our attorneys are familiar with the U.S. Tax Code and the tax credits that are available to you depending on the structure of your business and the investments you make. We offer ethical, aggressive, and affordable tax planning strategies.
A business tax planning attorney can also advise you about structuring your business, buying equipment, and making tax-efficient investments to take advantage of available tax credits and reduce your tax burden.
We will prepare or review your company’s tax returns and provide sound legal advice that can reduce your taxes and help your business grow.
Common Corporate Tax Planning Strategies
Effective tax planning strategies help business owners save money by avoiding tax penalties, optimizing their tax deductions, and planning for future circumstances. Neglecting this important area of planning can have a negative financial impact on a business, increasing the amount of unnecessary tax bills. The more your business income increases, the more valuable tax planning becomes.
Our Raleigh, NC business tax attorneys approach each business differently, employing unique strategies to most effectively benefit their tax situation based on their phase of growth and financial standing. We advise clients on a range of tax matters including:
- Transactional: completing transactions as quickly, simply, and with minimal associated costs is a key priority for the majority of business owners. Virtually all transactions – whether related to real estate, sales, or investment matters – are impacted by taxes. Mitigating the tax consequences and undesirable liabilities of these transactions is a key facet of our work. Through our economically sound and legally informed solutions, our clients are able to effectively minimize the tax burden of each transaction they complete, both large and small.
- Business Formation: complex tax issues often accompany the formation of a new business. Tax considerations should play a key role in the business structure that you select for your company. Effective corporate tax planning looks at your goals and growth and financial needs in order to choose the most beneficial business structure. Planning for tax issues at your business’s inception can help avoid unexpected expenses down the line. We provide guidance regarding how your personal and professional taxes will be impacted by the structure you select for your business.
- Operational Issues: in business, it is necessary to expect the unexpected. Operational issues arise, and it is essential to have a plan in place to address these issues before they impact your bottom line. At NC Planning, we support your operational tax regulations and help optimize your systems and processes to account for unanticipated issues.
- Mergers & Acquisitions, Reorganizations, and Sale of Business: the tax consequences of mergers and acquisitions depends on the tax classification of the company, posing unique challenges for business owners with a background in tax compliance. Reorganizations also require careful attention to detail when it comes to tax obligations. In some cases, the change may be tax-free pursuant to IRC 368 tax-free reorganization. In other situations, the tax burden can be steep. There is no one-size-fits all approach to handling mergers, acquisitions, reorganizations, and the sale of business, making it important to consult with a Raleigh, NC business tax attorney before proceeding.
Proactive and consistent tax planning is a valuable investment for any business. By mitigating your tax liability, you are better able to allocate that money where it matters: growing your business. Tax law is always subject to change and business owners can benefit immensely from staying up-to-date on how modifications to the law will impact their company.
How Can Organizational Restructuring Affect Taxes?
Restructuring, realigning, reorganizing – that is, change – is a natural part of business. But when businesses are reorganized, the tax implications are sometimes overlooked. That’s a mistake that can hurt you.
In fact, executives and owners frequently fail to take the tax implications into account when they restructure businesses. That failure can make a business weaker and less profitable over time.
How can you restructure your business in a way that’s consistent with the best tax planning strategies for maximum growth? Before you reorganize, consult the tax planning team at NC Planning. Proper tax planning can help you restructure your business without damaging it.
How to Choose the Right Business Tax Planning Attorney for Your Practice
Given the complexity of tax law, it is important to choose the right business tax planning attorney for your Raleigh, NC practice. The attorney you choose will have a major legal and financial impact on your business. To ensure the ideal outcome for your situation, it is necessary to select an attorney who is well-versed in the nuances of tax law specifically related to your business. If you are a professional operating a private practice, consider looking for an attorney who focuses on these circumstances. If you are a founder looking to form a start-up, consider seeking assistance from a start-up business attorney.
After identifying potential attorneys, you may want to schedule a consultation to speak with them in detail about your goals and needs. The following questions can help guide that conversation:
- What type of tax matters do you typically handle?
- Can you describe your IRS experience?
- How will you communicate with me regarding my business tax planning strategy?
- Does your firm have an in-house CPA to assist with complicated tax matters?
- How do you bill for your services?
How Can Our Business Tax Planning Attorneys Help?
During the cycle of launching, operating, and eventually selling or transferring a business, a variety of tax planning tools and strategies can protect a business from mistakes that could significantly raise its taxes. Our business and corporate tax planning services can involve:
- Capital gains planning
- Changes of accounting methods
- Deferred compensation planning
- Employee benefit plans
- Executive compensation issues
- Real estate ownership tax issues, from acquisition to disposition
- Section 199 domestic manufacturing deductions
- Tax-related aspects of sale and merger agreements for S and C corporations
Our success at NC Planning is based on building long-term attorney-client relationships. We work closely with our business and corporate clients to better understand your company’s tax planning needs and goals.
Based on this understanding of your business, we can tailor our tax planning strategies to address your particular business needs and concerns. We are problem solvers who find innovative solutions to the most difficult tax problems that our clients face.
When NC Planning works on your behalf, it’s more than a one-time transaction. Over time, you will have peace of mind knowing that the tax planning for your business is in the hands of professionals who understand your business, its goals, and its needs.
Why is Business Tax Planning So Important?
Every business owner has tax questions and concerns. You can be sure that your questions will be answered and concerns will be addressed by working with dedicated attorneys who can offer genuine value and trusted advice – the business tax planning attorneys at NC Planning.
If your business taxes are not planned properly, the repercussions can be negative, but the attorneys at NC Planning will not let that happen to your business. Let us help you develop a tax plan that increases your income and decreases your tax obligation.
How NC Planning Will Help You Plan for the Road Ahead
Understanding your business tax liabilities and obligations is rarely straightforward. It can be difficult to juggle state and federal tax responsibilities, especially when initially forming your business or when operational issues arise. At NC Planning, a key component of our work as business advisors and corporate legal counsel includes tax compliance. As such, we have curated a team of Raleigh, NC business tax attorneys to better serve our clients with such matters. To learn more about how we can help you plan for the road ahead, consider contacting our office at (919) 568-3681.
How Can You Learn More?
To learn more about business tax planning or to schedule an initial consultation with a Raleigh, NC business tax planning attorney, contact NC Planning at (919) 568-3681 or fill out the contact form here on our website. Our offices are located in Raleigh at 4801 Glenwood Avenue, Suite 200.
NC Planning also has offices in Cary at 5640 Dillard Drive, Suite 101. The time to start planning your business taxes is now. The team at NC Planning is ready to help.