When you are faced with business tax planning issues, working closely with an attorney who will explain clearly all options and consequences can help to ensure that you make decisions that are in your business' best interests. Contact our firm today to schedule a consultation with an experienced tax attorney.
Experienced Taxation Lawyers in Columbia, Maryland
For any business, making responsible and informed decisions about tax planning is critical and can save you significant amounts of time, money and frustration. At the Thienel Law Firm, LLC, our attorneys work with clients from across Maryland, and regarding federal IRS taxes, throughout the United States. Our attorneys can assist your business in creating a complete tax plan.
Talk with us about your business needs to get the personalized assistance you deserve. Contact the Thienel Law Firm, LLC, by sending us an e-mail describing your needs or by calling us at 443-535-9715. Schedule a confidential consultation at our Columbia, Maryland, office.
Thank you for contacting Thienel Law Firm LLC. Your message has been sent.
Call us now
or use the form below.
Frequently Asked Questions about Tax Planning
Q: Does a sole proprietor need to have a tax ID number?
A: A sole proprietor generally uses his or her Social Security Number as a tax ID number. However, it may be necessary for a sole proprietor to obtain an employer identification number (EIN).
Q: What is a tax-deductible business expense under federal income tax law?
A: Basically, any ordinary and necessary expense that is business related may be deductible. The expense must be customary and incurred in the usual course of business. However, certain expenses may be prohibited. To know whether a particular expense is deductible, check the Internal Revenue Code and seek the advice of a tax lawyer.
Tax Planning - An Overview
Tax planning is a major concern for every business. Improper planning could result in several negative consequences, including an extremely high tax bill and an Internal Revenue Service (IRS) audit. In addition to the federal income tax, there are a number of other tax issues that a business must consider. There may be state tax, local tax, sales tax, payroll tax, employment tax, capital gains tax, estate tax and gift tax obligations for which the business must plan. A comprehensive tax plan can help ensure that your business complies with all the applicable tax regulations. A tax attorney at Thienel Law Firm LLC in Columbia, Maryland, can assist your business with creating a complete tax plan.
Tax Laws Affecting Businesses
A tax is a compulsory payment by an individual or business entity to a governmental body. Federal, state, city, county and other governmental entities impose taxes on both businesses and individuals. A business must plan for all of these potential tax obligations. An attorney who practices tax law can advise your business about applicable state and local taxes to which your business may be subject.
Federal Income Tax
Federal income tax is the largest contributor of revenue to the federal budget. Income tax law is complex, especially when applied to businesses. It is critical for businesses to have an understanding of these laws and how they will affect the business' tax liability and bottom line. A tax attorney can assist your business with understanding and complying with federal income tax laws.
Income Tax Deductions for Businesses
Careful planning can allow a business to lessen its tax liability by using qualified income tax deductions. The Internal Revenue Code can be a daunting piece of text. It is exceedingly long and detailed. In addition, most sections of the IRC have corresponding regulations that further help to interpret its provisions. However, a basic understanding of deductions is important as they may lessen your business' tax liability. A tax attorney can help your business minimize its tax obligation with federal income tax deductions.
Business Organization and Taxation
When deciding which type of entity is right for your business, it is important to consider the tax implications. Each entity is subject to different taxation requirements. The most common types of domestic business entities are sole proprietorships, partnerships, corporations and limited liability companies. A tax attorney can help you weigh the tax advantages and disadvantages of the different business forms.
Tax Planning Resource Links
Internal Revenue Service (IRS)
The IRS is the division of the US Treasury Department that is responsible for the assessment and collection of most federal taxes.
US Small Business Administration (SBA)
The federal agency that aims to assist small businesses with advice, financing and business development aid.
Title 26 of the Internal Revenue Code (IRC)
The IRC is the federal tax code. It includes sections for income tax, estate and gift tax and employment taxes among others.
Title 26 of the Code of Federal Regulations
Title 26 contains regulations released by the IRS to help interpret the Internal Revenue Code.
IRS - Tax Information for Businesses
This section of the IRS Web site provides specialized information for businesses.
