How do we help our clients?
Some of our clients are surprised when they understand that in taxes there are two ways to do anything: the short and the long way. Somebody can do a perfectly legal tax return doing the bare bones, the simplest thing, while another taxpayer goes through with all types of ideas to decrease the tax bill, all legal as well.
The differences in results for the taxpayer are large. It is not the same thing at all to take the short route than to take the less traveled road.
We can exemplify this when a small business owner needs to choose the type of legal entity under which he will be conducting business. It can be a corporation or a partnership, for many different reasons. If it is important for him to conduct business in several states, what should he choose? If in the end his decision is to form an LLC, is it better to form it in his own state of residency, or, for instance, in Delaware where the personal assets are shielded from creditors with additional layers of protection?
As it is clear that there exist hundreds if not thousands of opportunities to limit or decrease the tax liabilities of a taxpayer, we provide an approach to tax preparation based on building a library of cases. This approach permits us to focus on the differences between alternatives and to quantify the benefits of adopting one or the other.
Who are our clients?
Our clients are individuals or businesses with a tax problem that they need to resolve in the best way possible, or taxpayers looking for an opportunity to save taxes or to adopt an existing program that could be favorable to them.
Some of the questions that we receive are in the area of small business taxation and are related to the tax bill. Is it too high? Can it be decreased? In these cases, we conduct an analysis of the client and produce a summary of our recommendations.
We try to find ways to decrease the tax bill and to adopt an approach of best practices.
Another group of clients comes from the area of tax debt and tax collections. These could be people who have received notice from the IRS that their property is being levied or their wages are being garnished. When we take the case, we negotiate with the IRS on behalf of our client, stop the collections process and propose a payment plan or request an abatement of interest and penalties.
Another group of clients comes from the area of estate planning, trusts and wills, and in general retirement or inheritances. A common objective in these cases is to decrease the tax bill for the heirs or the beneficiaries. Another is to buyout a partner or to sell the business. What are the tax consequences of different paths of action?
We also have clients whose main intention is understanding the best practices to saving for retirement or for medical expenses. It is frequently assumed that investments and saving plans with deferred taxes are always the best. But this is not always the case.
Some of our clients need help with their foreign assets, foreign trusts or foreign income. What is the best tax treatment if somebody is the beneficiary of a foreign trust? What is the best approach if somebody is working overseas but the hiring company is located in the U.S.?
Some of our clients, finally, cannot be classified in any of these areas. They are simply taxpayers trying to file their taxes in the best manner possible given their circumstances.
Call us for a free analysis
Our experience is that a great number of situations can be improved.
From the self-employed independent contractor to the landlord, to the owner of a small business, or even for someone saving for retirement, all these situations may be improved.
The first thing that we need is to sit with you to analyze your situation.
If you want to know our opinion on your situation, call us.
We will go over your tax situation free of charge and will let you know our ideas.