It may seem overwhelming when one decides to start navigating taxes for business income. Tax laws continually change, leaving many business owners feeling like they could benefit from some professional assistance. G. Deffenbaugh of Colorado Trusts and Taxes is a tax lawyer who can assist business owners in and around the area of Centennial, Colorado, with their tax needs and help them save on taxes. If you are feeling unsure about your ability to proactively plan for your taxes and are seeking a tax lawyer in the area, we welcome you to learn more about what a tax lawyer is and how one can assist you with the financial needs for your business.
What is a tax lawyer?
There are many different types of attorneys that can help with litigation through disputes between couples and businesses, but a tax lawyer has a specific focus on federal tax laws and regulations. They have the knowledge to help business owners address tax concerns, using their expertise to provide guidance and compliance throughout the process. Tax lawyers will often hold a JD (Juris Doctor) degree and have spent significant time studying taxation and tax regulations. This equips them to handle tax laws for businesses and individuals.
What are the roles and responsibilities of a tax lawyer?
Tax lawyers have a variety of special functions and abilities that can be hired, including:
Income tax planning. Many business owners who reach out to a tax lawyer might have questions about structuring their business and income to ensure they are getting the best tax breaks possible. Tax planning may address using estate planning strategies, recognizing different types of income, identifying any specific credits and deductions qualified for, structuring business transactions over time, and coordinating with financial professionals on retirement planning.
Transfer tax planning. Property that is gifted during life or at death may be subject to transfer taxes. Transfer taxes include gift tax, estate tax, and generation-skipping transfer tax. Tax attorneys may assist in keeping these taxes down by planning for wealth transfers using strategies both during an individual’s lifetime and at death. Some of the issues for this type of tax planning include annual exclusion gifting, qualified transfers for health and education, asset freezes, irrevocable trusts, and charitable planning. Tax lawyers can assist individuals in navigating the challenges they might experience when dealing with wealth transfers.
Compliance assistance. It is critical that businesses and individuals follow tax laws to avoid getting hit with monetary penalties and fees or becoming involved with legal issues. Tax lawyers can help ensure everyone meets their tax obligations by preparing and filing returns, working with accountants on how certain tax forms are prepared, and advising businesses or individuals on proper recordkeeping practices in case an audit occurs in the future.
Who can I contact to learn more about getting assistance from a tax layer?
Whether you are in need of representation or want more information to plan your new business and its taxation needs, G. Deffenbaugh can assist. His office is located in Suite #600-281 at 7173 South Havana Street and can be reached by phone at (303) 542-7280 or by email at g@cotruststaxes.com. Please schedule an appointment today!