Federal tax law regarding the timing of when a business must report income and when a deduction may be claimed is extraordinarily complicated.

It is a frightening task for individuals and businesses to attempt to decipher this legislative leviathan. What is even more terrifying is that the Internal Revenue Code is continuously changing.

Although small businesses are frequent targets for litigation, many business owners have not taken steps to protect their personal and business assets from potential litigants and judgment creditors.

Proper business structure is critical in maximizing asset protection as well as minimizing state and federal taxes.  However, small and medium sized closely-held businesses have too often outgrown their original structures or have not adapted to the changing tax laws.

At least half the people in the United States do not have will.  Without a will in place, property will pass in accordance to intestacy laws.  This means the state law determines how someone’s belongings are distributed.

“How do I get the profits out of my business?”  Unfortunately, in many cases, business owners incur unnecessary taxes because they fail to plan an effective means to withdraw profits in a tax-effective manner.

For multi-state businesses, some of the most frequently asked questions are “Do I have to collect sales/use tax on my sales?” and “Do I need to file an income tax return in that state?”.

Owners frequently want the business to carry on after their retirement or death.   Many owners do not come to a firm decision regarding what will become of the business after their exit. 

Strategic Tax Planning is the process of structur­ing and conducting business and personal transactions so taxes are reduced to the lowest possible level while protecting busi­ness and personal assets in an increasingly litigious society.