Experienced Cincinnati Tax Lawyers
What distinguishes a moderately successful entrepreneur from a wildly successful business leader is often the quality of advice they receive. Savvy business thinkers are able to move their investments like chess pieces. To understand how to gain the most, though, they need smart legal and tax counseling.
Our tax laws are changing quickly. On both the state and IRS levels, some loopholes close as others open. Staying on top of new treasury changes is crucial to maximizing your profits and limiting your liability. Knowing the subtle nuances of the new tax laws, before they go into effect, always helps strategic investors stay one step ahead of the tax collectors.
No matter what endeavors you pursue, the resulting taxes can have a profound impact on the outcome. Federal, state, and local income taxes affect your disposable income. Federal and state estate taxes can affect the amount of money you leave to your heirs. Sales, use, and excise taxes can affect your business. Real estate taxes can affect your purchasing power. Regardless of your situation, we can guide you through the seemingly endless number of taxes that affect your life.
Having a knowledgeable tax attorney in Cincinnati on your side can also help to avoid hefty penalties. Sometimes IRS and state re-assessments can increase the amount of your tax payments, and before you even realize you owe more, you can be hit with thousands of dollars of late fees and penalty payments. With the assistance of a tax attorney representing you, those kinds of pitfalls may be avoided.
Helping you predict your tax burden for the coming year – particularly if you are undergoing a major life change, such as a birth, a death in the family, or a marriage – is another service a qualified tax attorney can provide. Having a full understanding of your tax liability situation can add significantly to your peace of mind.
That knowledge of your tax situation can help you make plans and financial decisions as well. It could be that investing in an IRA would reduce your tax liability. Or a different type of educational investment fund would prepare you better for your child’s college tuition payments. A Cincinnati tax attorney can guide you toward maximizing your income and your savings decisions, while keeping you safely within the bounds of legality.
Quality legal advice is worth its weight in gold when it means that you can use the tax codes to your benefit. Structuring your compensation, your insurance coverage, and your use of facilities to adapt to these tax updates can help you immeasurably.
Amortization — writing off the cost of an asset over time — is one of the keys to savvy financial planning. Let our experts counsel you, and watch how you can earn money by investing in your company’s infrastructure. Amortizing quickly is not always the smartest move. Sometimes long-term amortization makes the most sense with regards to your tax burden.
Tax Attorneys In Cincinnati To Help You
When complicated tax issues arise, whether in planning transactions, preparing tax returns, or defending those returns in an IRS audit, you need an experienced tax attorney to guide you through the maze of laws, regulations and procedures. Nearly every business transaction, estate planning matter, divorce, real estate purchase or sale, and elder law matter requires a consideration of the tax consequences in deciding your course of action. Our experienced attorneys can guide you through the intricate details of federal, state, and local income taxes, estate taxes, and sales and use taxes, to insure that the structure of your transaction minimizes the impact of taxes on your outcome. Our representation of you in tax audits and tax appeals can provide you peace of mind that your interests are protected. You should always consider the tax affect before making any major change in your life. The attorneys at Donnellon, Donnellon & Miller are here to assist you in making those decisions.