Tax law firms ensure clients are in full compliance with current tax law and are able to take the maximum advantage of available deductions and tax credits.
Tax season is fast approaching. Do you have a reliable tax attorney to ensure you are in compliance with the many updates to domestic and foreign tax law. The IRS has been busy issuing information updates leaving a lot of data to sort through.
By hiring a professional tax attorney, you can be sure you are in compliance with the latest tax laws and have peace of mind knowing you were able to take advantage of every tax credit available to you.
No two people have the same financial background and situation. This means every tax report is different. Here are some factors to consider when you go to file:
Self-Employed – Do you own your own business? Whether you run a multi-million dollar enterprise or manage a small home-based business, you are required to report your income, expenses, and assets in a very particular way. Make the smart choice and protect yourself and your business by depending on the services of a professional tax law firm to ensure your tax filing is complete and accurate.
Married / Single – Depending on what your relationship status is, you may face different tax rates. Individuals who file separately have different deduction limits and tax rates available than two individuals married and filing jointly. If you are concerned that these will make a significant difference on what you owe or what you will receive in returns, you should consult a tax attorney.
Homeowner – Did you purchase or refinance a home this year? The IRS provides significant tax credit for home buyers. Depending on the kind of loan or line of credit you have in connection with your home, you can take additional deductions based on the mortgage or loan interest you paid the previous year.
Higher Education – The IRS offers HOPE/Lifetime credits to qualified college students allowing them to take up to a $2500 tax credit in order to pay for education expenses. Additionally, Education IRAs are available that allow account holders to save up to $2,000 per year. Similar plans offer tax-deferred savings accounts for education purposes.
General Deductions – There is a long list of items that are deductible from your income for tax purposes. These include charitable donations, qualified medical expenses, qualified child care expenses, qualified relocation expenses related to employment, long-term care expenses, qualified work-related expenses including education, materials, and more. A tax attorney can ensure you are able to maximize these deductions.
About Freeman Tax Law
Freeman Tax Law (FTL) is a boutique law firm consisting of a multi-disciplinary team of tax professionals including tax attorneys, CPAs and a professional staff that have vast experience with foreign tax compliance and regulatory matters for financial institutions. FTL consults with both FFIs and USFIs with regard to Foreign Account Tax Compliance Act (FATCA) and related regulatory matters and assists them developing procedures on how to comply with these laws. FTL provides a multidisciplinary approach for filing offshore voluntary disclosures. Working to help clients prevent future tax headaches we offer a complete wealth management and estate planning team. As an experienced firm with wide reach, Freeman Tax Law provides immediate assistance to our clients planning for and resolving all tax related challenges.
Freeman Tax Law