Benjamin Franklin stated that nothing in this world can be certain except for death and taxes. While often used facetiously, the fact remains that taxes are an integral part of our modern society. While sales and property taxes account for much of the tax deductions, a majority comes from state and local taxes (SALT) derived from citizens’ incomes. SALT happens to constitute a major portion of federal tax expenditures, costing upwards of $96 billion dollars in the 2017 year.
While taxes are a mandatory part of all of our lives, many people end up facing challenges or even legal ramifications for not following proper protocol. JDKatz is proud to help our clients through a variety of complications, from fighting tax evasion penalties to solving unsettled tax debts. Citizens and businesses alike may face serious consequences if all of their financial dealings are not taken care of properly. Today, we’ll look more into what state and local taxes entail, as well as the importance of proper planning to minimize tax liabilities. If you are in need of professional tax advice or legal representation for your case, be sure to contact our experienced tax attorneys in Maryland today.
Tax Consultation and Planning
The main benefit of working with our tax agency is the minimization of chances for error, where one small mistake can lead to charges of tax fraud. One important step to take when dealing with SALT is to properly plan your business in order to optimize your tax efficiency, including the structure and expenditure of the company.
If you are concerned about the tax liabilities for your business, our top-notch attorneys can provide guidance with:
- Restructuring business entities to maximize efficiency when dealing with their state and local taxes.
Classifying different transactions, including the determination of “business” and “nonbusiness” incomes and expenses.
- Advice concerning taxes on sales across state lines. By focusing on each location’s laws and regulations, our tax attorneys are able to assist in minimizing the chance of error in your tax reporting.
- Optimizing available tax credits to minimize costs. Deciphering our tax laws can be complex, and oftentimes citizens and businesses fail to take advantage of credits offered to them.
- Providing risk analysis factors to help identify and correct discrepancies when possible. Our local tax lawyers can also look through your regional provisions to ensure that all factors are accounted for.
Assistance when dealing with tax authorities to achieve a beneficial outcome. Our tax planning procedures will make this process much easier to complete.
- Handling property taxes for businesses and individuals. If you own property, you have to pay taxes. Our tax experts are ready to assist in this process to give you peace of mind.
- Accurate accounting to keep track of operational costs and expenditures. Businesses, in particular, need to keep excellent records of all money coming and going, and our tax consultants will be able to assist you every step of the way.
Tax Litigation Services
Individuals and business entities who are facing legal actions can benefit from hiring JDKatz for their tax litigation needs. Our highly specialized attorneys excel in this practice, delivering clarity and support through every step of this long process. The JDKatz team is comprised of attorneys and of counsel consultants to provide a comprehensive approach to your case. Whether you are facing legal issues concerning tax audits or dealing with complications across state lines, we’re confident in our ability to take the case on to optimize your outcome. Our comprehensive approach to each and every case helps to get our clients’ lives back on track while minimizing their tax concerns.
Tax Attorneys for All Comers
Finding a firm that can help clients of all backgrounds is a valuable process. JDKatz is proud to offer tax advice and representation for a wide range of clients, from individuals to Fortune 500 Companies. Our lawyers strive to offer proper tax planning and advocacy tasks to help all entities benefit from superior planning and execution. When you call JDKatz, you’ll receive a plan that is tailored to meet your specific needs for the best possible outcome.
State and local taxes are commonplace, yet many mistakes are made nationwide on an annual basis. If you are in the midst of dealing with gains and losses, and are not sure as how to accurately proceed, it can prove very helpful to reach out to legal representatives with tax preparation and litigation in mind. Contact us today to learn more about our practice.