Professional Tax Planning Can Lead to Significant Savings

As tax season approaches, it is important to find a reliable and experienced tax lawyer to help you identify possible tax savings and ensure compliance with changing processes and procedures.

tax evasionTax season might not be the first thing that comes to mind when you think of ways to save money, but by partnering with an experienced professional tax lawyer, this just might be the case. Lawyers who are familiar with tax law are able to help clients identify and plan for savings while managing their wealth. Each time you submit a tax return, it should be viewed as an opportunity to discover savings opportunities rather than just an expensive headache.

Professional Guidance Results in Savings

Tax laws change constantly, and it can be helpful to have an experienced tax lawyer on your side to identify updates that affect your financial circumstances and help ensure you are always in compliance with new requirements. For example, in past years, the IRS has updated processes regarding business tax credits, deductions, and capital gains. Furthermore, you may be eligible for certain credits based on recent life experiences including starting a home business, having a child, going back to school, or purchasing or selling a home. Your tax lawyer can discuss your situation with you to help you identify ways in which you may qualify for these kinds of credits.


Strategic Planning

Tax planning also includes other strategies in addition to identifying applicable tax credits. Tax planning should also take into account assets and investments you may manage in addition to your personal income. For example, you should consult your tax accountant before selling stock to learn how you can take advantage of low Capital Gains tax rates and Loss Planning. By adhering to specific timelines, you can reduce the amount you may owe and optimize your profitability during different years. A tax lawyer can also help with business transactions or retirement, estate, and investment planning to help you make the smartest choices and avoid additional tax-related costs.


Manage Foreign Accounts Responsibly

Another important aspect of tax planning affects individuals who hold accounts overseas. The Foreign Accounts Tax Compliance Act now requires financial institutions abroad to be more transparent in their reporting with the United States. In order to comply with the law, banks and institutions are required to share information on all U.S. account holders and signatories. Because of this, it is important to identify foreign accounts that need to be disclosed to the government. A qualified tax lawyer can help you identify what information needs to be shared and will assist you in navigating the reporting process and can represent you or your business before the IRS. Changes implemented as a result of FATCA have gone into effect as of July 2014, so it is important to check with your tax lawyer regarding what steps are necessary to remain in compliance with the new laws.

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

(855) 935-5945

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