Every business activity has short-term or long-term tax consequences, making effective tax planning essential for every business. Engaging in tax planning can minimize your company’s tax liability and free up more of your business’ assets. Tax planning goes beyond preparing to file your yearly state and federal taxes on April 15th. Instead, effective planning involves developing an overarching strategy and daily practices that will decrease your company’s tax liability.
At Willcox, Buyck & Williams, PA, we help individuals and business owners with effective tax planning. Our law firm has served South Carolina residents for over 100 years, and we have a proven track record of success. After reviewing your financial situation, we will offer suggestions to limit your tax state and federal tax exposure. Our experienced business lawyers often discover ways for our clients to enjoy significant tax savings.
The Importance of Tax Planning
At Willcox, Buyck & Williams, PA, we understand the importance of developing an effective tax planning strategy. We provide our clients with effective and sophisticated planning and counseling. When a tax issue requires litigation, our clients rest assured that our attorneys have extensive courtroom experience representing clients in front of the IRS or local tax entities. Our attorneys stay up to date on all relevant tax issues as tax regulations and policies are constantly changing.
Business owners are focused on their employees and on maintaining their profit margins. They don’t have time to continually check for updates to the tax code to help them save money. That’s where our experienced tax planning lawyers can step in to help. We will review your business’s financial situation and use our up-to-date knowledge of tax regulation to find ways to decrease your tax liability. Many of our clients feel a sense of relief that they are paying the lowest amount of taxes possible while adhering to all federal and state tax regulations.
Complex Personal and Business Tax Return Strategies
Our clients trust our attorneys because they have decades of combined legal experience. Our legal team has worked with an extensive array of businesses and individuals handling all different types of complicated tax issues. We have experience providing useful tax planning advice to our clients on local, state, and federal taxation issues, including the following:
- Representing individuals and businesses whose tax filings are being audited by the Internal Revenue Service (IRS)
- Representing individuals and businesses whose tax filings are being audited by local and state-level tax authorities
- Providing legal counsel regarding employment, state, income, and local tax reporting
- Engaging in strategic tax planning to reduce federal and state tax liabilities legally
- Organizing or reorganizing a business’s ownership structure to minimize tax liability and help our clients achieve their business goals
- Providing legal guidance related to our clients’ employment, income, state, and local tax reporting
- Advising our clients on tax strategies related to rental properties and other passive business interests
- Advising our clients on ways to use estate planning to minimize their federal and state tax liability
- Advising our clients regarding forming various tax-exempt organizations
- Preparing complex tax returns for individuals and businesses
- Preparing individual tax returns for high net-worth clients
- Providing our clients with advice related to the gift tax exemption
- Providing our clients with advice related to estate taxes
We Utilize Proven Strategies
Whether you are an individual or business, you will benefit from hiring our experienced attorneys. Our services are designed to help our clients develop strategies to decrease their tax liability. Some of these strategies include creating a limited liability company, creating a partnership, asset distributions, and ownership interest redemption.
Every individual’s case is unique, and we take the time to understand each of our clients’ financial situations and goals for their personal or business finances. We do not rush the process because we want to assess each of our client’s tax liabilities accurately. We are also cautious, and we use tax planning strategies that will reduce our client’s risk of legal issues, including audits, administrative appeals, and tax base litigation. In other words, we’ll use every tool that is legally within our disposal to help our clients create an effective tax planning strategy to reduce their tax liability.
The Advantages of Working with Our Tax Planning Attorneys
While hiring a certified public accountant is invaluable, hiring a skilled tax attorney is also incredibly important. When you need experienced tax planning, your attorney must understand complex financial matters. At Willcox, Buyck & Williams, PA, all of our attorneys have extensive experience in tax planning. We are often able to use our up-to-date knowledge of state and federal tax regulations and relevant court decisions to encourage aggressive strategies in a way that certified public accountants cannot.
Taking the time to speak to an experienced lawyer about your financial situation will create financial stability in your business or personal finances.
If you are a parent, tax planning can help you take advantage of tax-free savings plans to help you pay for your child’s education. Or, if you’d like to donate to charitable organizations, we can ensure that you receive every tax advantage possible when doing so. Additionally, if you have purchased life insurance, we can help you protect those assets, so your family members can receive them tax-free after your death.
Contact Our Experienced Tax Lawyers Today
Tax planning protects your best interests and allows you to allocate more of your hard-earned income towards other important matters. Whether you are an individual or business owner interested in reducing your tax liability, hiring a business lawyer can help you tremendously. Contact our South Carolina tax planning attorneys today to schedule an initial consultation.