Whether you are an individual, sole proprietor, LLC, LLP, or corporation, everyone is concerned about their taxes. Our tax attorneys at Silverman Law Office, PLLC take the time to learn about you or your business and how best to minimize the size of the government’s tax bite. We will ensure that you receive the best attention possible to both your personal and business tax matters.
We Help Individuals Understand and Manage Their Taxes
An individual tax plan is essential to your wealth management strategy. Whether you are interested in managing your estate or income tax obligations, one of the tax attorneys at Silverman Law Office, PLLC can help. For individuals, we are concerned about your investments, retirement, and personal transactions. Our vast experience in handling estate planning, charitable contributions, conservation easements, and 1031 tax-free property transactions can be an advantage for anyone of any income level. We assist individual clients with a wide variety of tax issues, including the following:
- Asset protection
- Estate planning solutions that minimize tax burdens through trusts and other tools
- Charitable giving
- Individualized tax planning
- IRS audits, appeals, and litigation
- Tax liens and levies
- Tax relief, including offers in compromise
- Valuation disputes
When you work with a Silverman Law Office tax attorney, you can be sure you will get personalized attention and customized solutions.
Businesses Can Benefit From Strategic Tax Planning
For businesses, we work hard to understand how your business operates in order to decrease your tax liability, as well as create business efficiencies that others may not recognize. If your company operates in multiple states, we can work with your business to minimize the negative effects of the multi-state tax-bite. Our vast experience in contracts is a key ingredient in our ability to effectively work for your business while allowing you to keep the government out of your pocket. We assist business clients with a wide array of tax concerns, including the following:
- Complex partnership tax issues
- S Corporation tax planning
- C Corporation tax planning
- Commercial real estate investment
- Energy, oil, and gas taxes
- International tax planning and compliance, including Foreign Accounts Tax Compliance Act (FACTA) and Foreign Bank Account Reporting (FBAR) matters
- Taxation issues involving real estate investment, private equity, and financial instruments
The tax attorneys at Silverman Law Office, PLLC can also help you dive into your business, employment, and other tax obligations, looking for potential savings and efficiencies. We also assist companies with IRS and state tax compliance and disputes. If you’re concerned about your taxes, need help resolving a tax lien, or want to protect your assets, contact our tax attorney for a confidential evaluation.
What Is Our Approach to Tax Planning?
Tax planning with the right team is the key to minimizing the tax effect on your business or personal finances for both short- and long-term financial success. One of the tax attorneys at Silverman Law Office, PLLC can help you understand your tax burden. We can also help protect your financial interests with a well-built, legally-compliant tax plan.
We pride ourselves on our attention to detail. We deeply value our clients and spend time getting to know them. We get to know their goals, their financial portfolios, and assets, and review their tax documents. Once we have a strong understanding of their unique situation, we work with them to identify potential solutions. Sometimes, this involves creating a comprehensive estate and business succession plan that takes taxes into consideration.
Estate Planning Can Help You Decrease the Size of Your Taxable Estate
Estate planning is often a parallel process to business succession planning. Unfortunately, it is often at the bottom of most business owners’ to-do lists. Without prior planning, problems can arise. Through estate planning, you may decrease the size of your taxable estate by creating trusts for your spouse and children, or through other techniques. This includes gifting or selling business interests to family members or others involved in the business. Additionally, irrevocable life insurance trusts can be utilized to provide liquidity to pay estate taxes without increasing the size of the taxable estate.
For more information about our unique perspectives on tax and estate planning, contact Silverman Law Office, PLLC for a confidential evaluation.
Tax Planning FAQs
At Silverman Law Office, PLLC, we understand the importance of effective tax planning in managing your financial affairs as we have been working in this line of law since 2012. Our team of experienced tax planning attorneys is here to provide you with the information you need to make informed decisions about your taxes. Below are some common questions we often receive about tax planning, along with detailed answers to help you navigate the complexities of tax laws and regulations.
How Far In Advance Should I Start Tax Planning?
It’s never too early to start tax planning. Ideally, you should begin tax planning at the start of each tax year or even earlier. By planning ahead, you can take advantage of various tax-saving opportunities and make strategic financial decisions to minimize your tax liability. Our attorneys can work with you throughout the year to develop a comprehensive tax strategy tailored to your specific financial goals and circumstances which can include strategies such as quarterly estimated payments for businesses or savings plans to prepare for end of year taxes.
What Are Some Common Tax Deductions And Credits I Should Be Aware Of?
There are numerous tax deductions and credits available to taxpayers, each designed to reduce taxable income or offset tax liability. Common deductions include those for mortgage interest, property taxes, charitable contributions, medical expenses, and business expenses. Tax credits, such as the Earned Income Tax Credit (EITC) and Child Tax Credit, can directly reduce the amount of tax you owe. Our attorneys can help you identify eligible deductions and credits to maximize your tax savings.
How Can I Optimize My Retirement Accounts For Tax Purposes?
Retirement accounts offer valuable tax benefits, and optimizing them can significantly impact your long-term financial security. Contributions to traditional IRAs and 401(k) plans are typically tax-deductible, reducing your taxable income for the year. Roth IRAs, on the other hand, offer tax-free withdrawals in retirement. Our attorneys can help you choose the right retirement accounts and develop strategies to maximize their tax advantages based on your unique financial situation. If you already have retirement accounts established, our attorneys can help you plan for your taxes and guide you on the best way to save.
What Are The Tax Implications Of Different Investment Strategies?
Investment income is subject to various tax rates depending on the type of investment and how long you hold it. For example, short-term capital gains are generally taxed at higher rates than long-term capital gains. Dividend income and interest income are also taxed differently. By understanding the tax implications of different investment strategies, you can make informed decisions to minimize taxes and maximize after-tax returns. Our tax attorneys can evaluate your investment portfolio and recommend tax-efficient strategies to help you achieve your financial goals. On the flipside, if you are looking to invest, our attorney can spell out how that might affect your current taxes.
How Can I Incorporate Charitable Giving Into My Tax Planning Strategy?
Charitable giving not only benefits worthy causes but can also provide tax advantages. Donations to qualified charities are generally tax-deductible, allowing you to reduce your taxable income while supporting causes you care about. Additionally, certain charitable giving strategies, such as donor-advised funds and charitable trusts, offer additional tax benefits and flexibility. Our tax planning attorneys can help you structure your charitable giving in a way that aligns with your philanthropic goals and maximizes tax savings.
At Silverman Law Office, PLLC, our experienced tax planning attorneys are dedicated to helping individuals and businesses navigate the complexities of tax laws and regulations. Whether you’re seeking to minimize your tax liability, optimize your retirement accounts, or incorporate charitable giving into your financial plan, we’re here to provide personalized guidance and support every step of the way. Contact us today to schedule a consultation and take the first step toward achieving your tax planning goals.
Schedule A Consultation With Our Tax Planning Attorneys Today
If you’re ready to build a comprehensive tax plan for your family or business, it’s time to schedule an appointment with a skilled tax attorney at either of our Bozeman or Helena, Montana offices. At Silverman Law Office, PLLC, we pride ourselves on client-focused, personalized representation. We guide our clients through complex tax, business, and estate planning matters with the goal of protecting their long-term interests. To schedule a confidential evaluation, contact us today.
