Experienced Lawyers Providing Personal Tax Planning Services to Clients in Raleigh
As an entrepreneur, are your personal income taxes too high or too complicated to understand? A tax planning attorney at NC Planning can help you understand and implement personal tax planning strategies that can benefit you and your family both now and in the future.
You may think you have no control over your personal income taxes, but a number of strategies are available that may be able to help you reduce your personal income tax burden. A tax planning lawyer at NC Planning can explain these strategies and help you plan your taxes wisely.
You may already know about the advantages of effective business planning and good estate planning. But what is sometimes overlooked is the need for individual tax planning, which can provide both immediate and long-term advantages. When you have the North Carolina income tax planning attorneys from NC Planning by your side, you will have a thorough understanding of all the tax advantages available to you.
What Does a Tax Planning Lawyer Do?
Tax planning lawyers are professionals who help business owners and other individuals minimize their tax liabilities while complying with all tax laws. Experienced tax attorneys have a thorough understanding of all state and federal tax codes. They also understand the many tax regulations that govern businesses. Tax laws change on a regular basis and are extremely complex. Seeking professional tax planning advice is always the best course of action before you make decisions that cannot be undone regarding your personal or business taxes.
North Carolina income tax planning attorneys can advise you regarding how tax laws will affect you or your business. The NC Planning legal team can help you determine whether to object to a tax assessment as well as help you form strategies that will minimize the taxes you will owe from this point on. Income tax planning attorneys may be able to assist you with any of the following:
- Create or restructure your business entities to minimize tax liabilities
- Help you determine how your business partnership will be taxed
- Work with mergers & acquisitions
- Advise you on estate planning issues that can affect different types of taxes.
- Use highly specialized knowledge to help you save the maximum amount on your tax liabilities
- Provide guidance on all areas of tax-related issues
- Guide you through issues associated with income, property transactions, and gifts
You can count on the fact that your income tax planning attorney will be informed on current and proposed legislation that can potentially affect your taxes. Clarity can be provided in taxation areas you are unsure about, including estate taxes, capital gains taxes, transfer taxes, and much more. Tax lawyers research and interpret tax laws on a regular basis—federal, state, and local.
Since most clients who are consulting with a tax planning attorney have very little knowledge regarding taxes, tax attorneys must provide easy-to-understand explanations for complex aspects of tax laws. Since taxes can affect many different aspects of our lives, it is important that we understand our tax responsibilities so all the proper tax forms can be filed.
In the area of estate planning, taxes are always a consideration as you want to leave your loved ones as much of your estate as possible. Any way you can minimize your tax liability helps you do just that. The NC Planning team will ensure you fully understand your tax obligations as well as how you can minimize those obligations.
What Are the Benefits?
Of course, the major goal of tax planning is to reduce tax liabilities, ensuring all elements of an estate plan work together to achieve the lowest tax rates. Reducing tax liability allows an individual to make larger contributions to retirement plans and to set up an estate so that beneficiaries receive the maximum inheritance. Tax planning takes into consideration such things as your level of income, and goals of the individual or business. Having solid tax plans in place allow you to achieve your financial goals, making them an incredibly important part of your estate plan and business plan.
Your tax planning attorney will ensure you stay within legal and ethical boundaries, meet your legal tax obligations, and minimize your tax liabilities. Tax planning plays a key role in being able to outpace the cost of living—more important now than ever. As an example, when investment values are assessed, inflation, expenses, and tax must be a part of that equation. Suppose a property is producing high returns, but the tax burdens associated are quite large. When there is no tax planning in place, returns are diminished by taxes owed.
Tax planning can be short-term or long-term; ideally, you will have both. Short-term tax planning considers the current year—how you can limit your tax liability at the end of each year. While no long-term commitments are made, short-term tax planning can yield significant savings. Long-term tax planning offers no immediate tax benefits but will benefit either you or your loved ones at some time in the future. It is important to remember that tax planning is a legal, ethical method of minimizing your taxes—as long as the tax strategies are based on state and federal tax laws.
What is the Goal of Personal Tax Planning?
Individual tax planning should address all types of tax issues. A tax planning lawyer at NC Planning can recommend a number of strategies and tools that can help you keep your personal tax burden as low as possible – no matter how extensive or complicated your finances may be.
NC Planning works with high-net-worth individuals, business owners, and anyone who may benefit from sound individual tax planning. We know from experience how the IRS handles most tax issues, so a tax planning attorney at NC Planning can help you take advantage of:
- Charitable planning
- Allowable deductions and expenses
- Applicable tax credits
What Are Some of the Primary Considerations in North Carolina?
Tax planning is a critical component of wealth management, considering investment decisions, business decisions, and individual decisions. While decisions are rarely made solely on their tax impact, tax planning attorneys are always aware of the income tax, capital gains tax, estate tax, and business tax issues that accompany any situation. While the NC Planning attorneys will base your tax strategies on your unique circumstances, some tax planning strategies considered could include:
- Year-end tax planning maximizes tax returns, seeks to avoid tax penalties, and maximizes tax deductions.
- Roth conversions reposition assets in a traditional IRA or QRP to maximize tax savings
- Health and medical savings accounts can be used wisely to minimize taxes. HAS contributions can be implemented to reduce taxable income, and any investment growth in the account is tax-free.
- Reviewing capital gains or losses for tax savings
- Using deferral strategies to minimize tax liabilities
- Tax-loss harvesting allows you to sell investments when they are down, replacing them with similar investments, offsetting realized investment gains with the losses. The end result is that more money stays invested, and less money goes to taxes.
- Planning for individual tax deductions
- Income tax bracket strategies can lower individual income taxes
- Life event planning focuses on how significant financial events (retirement, marriage, divorce, children, the sale of a business, disability, inheritance, illness, purchase of a home, etc.) impact your overall investment plan.
- Investment tax planning evaluates how to position assets in a way that minimizes tax payments, through the use of investment strategies.
- Gift tax planning involves transferring assets while minimizing income and inheritance taxes.
- Business tax planning considers how profits are paid to owners, and how accounting decisions affect the tax liabilities of the business. There are a number of business tax options that can reduce the taxes paid by business owners.
What Are Personal Tax Planning Services and Strategies?
While there is no “one size fits all” personal tax plan, our basic individual tax planning services at NC Planning including reviewing individual tax returns and providing tax-related legal advice.
Depending on your individual circumstances, some of the personal tax planning strategies we might suggest may include:
- Taking advantage of deductions
- Shifting income among family members to reduce the family tax burden
- Postponing income to reduce current tax liability
- Putting money in a 401(k) or an IRA
How To Select the Best Tax Planning Attorney for Your Current Situation and Future Needs
Understanding tax laws can be difficult and confusing. Selecting a tax attorney who understands all your tax issues and can comprehensively explain them to you can also be challenging. Dealing with taxes is a serious issue that can have long-term financial consequences. Selecting a tax planning attorney who fully understands this unique area of the law requires careful consideration.
Your tax planning attorney must have considerable tax experience and must be highly skilled in finding the best strategies for each client’s unique situation. At NC Planning, we would like to talk to you regarding specific tax planning strategies that will help you reduce your personal income tax as well as reduce taxes for those you care about after you are gone. We will discuss the merits of the issues you are concerned with, detailing the actions we would recommend—after we have a thorough understanding of your goals.
When Should You Hire A Tax Planning Attorney?
Even if your personal tax returns are prepared by a trusted tax professional, tax planning ahead of time gives you the advantage. You will know in advance what steps you can take – instead of waiting until your return is prepared and bracing yourself every year for potentially bad news.
Every taxpayer in the United States has income tax questions and concerns. You can have your questions answered and your concerns addressed by working with our team of dedicated attorneys who offer genuine value and trusted legal services.
If your personal income taxes are not planned properly, the consequences can be negative, but a Raleigh tax planning attorney at NC Planning will not let that happen to you. Let us help you create a tax plan that reduces your tax burden as much as possible.
How NC Planning Will Help You Plan for the Road Ahead
For many clients, personal tax planning is part of a comprehensive wealth preservation strategy. NC Planning provides estate, business, and tax planning advice and services to individuals, businesses, and families. We solve problems and work to find the best solutions for our clients.
Individual tax planning is not something that you can do one time and then forget about. Your finances, your goals, and your needs – as well as the economy and the tax laws – all change over time, so the most effective personal tax planning is ongoing, flexible, and responsive.
Of course, we can’t help you plan for the future if we don’t know where you are now, so our first step at NC Planning is getting to know you and learning about your personal financial situation, current needs, and goals for the future.
That is why we build long-term relationships with our clients, and it’s why our work for you is more than a one-time transaction. Over time, you will have peace of mind knowing that your tax planning is in the hands of professionals who understand your finances and goals.
Schedule a Consultation to Learn More About Our Legal Services
To learn more about individual tax planning or to schedule an initial consultation and begin the tax planning process, call NC Planning at (919) 568-3681. You can also contact our law firm by completing the contact form here on our website. Our offices are in Raleigh at 4801 Glenwood Avenue, Suite 200.
NC Planning also has offices located in Cary at 5640 Dillard Drive, Suite 101. It is never too soon to start planning your personal taxes. A tax planning attorney at NC Planning can help.