It’s often said the only two certainties in life are death and taxes.

What’s rarely mentioned is the third – the headaches taxes usually cause when you don’t have clear tax objectives or fail to plan for tax savings. Whether you’re an individual or a business owner, almost everything you do has a tax consequence. And this isn’t child’s play. Make a mistake, and you can face financial loss, penalties or worse. At the very least, you can’t afford to shortchange yourself or miss tax-savings moves or opportunities to protect and maximize what you’ve already worked so hard to acquire. For more information contact Schaumburg IL Tax Law Attorney today.

And with the tax laws constantly changing, along with the intricacies of federal and state-specific regulations, how in the world can you keep up?

It starts with a sound plan and professional advice. That’s why we incorporate practical and cost-effective tax-saving strategies into each personal financial and business transaction our clients undertake. It means not only ensuring that you’re legally compliant, but making sure that everything’s working for you and your interests. We speak the language of CPAs, accountants, CFOs and other financial specialists, and we’ll work with yours to develop and implement legal and creative solutions that help you achieve your business and financial goals while saving your tax dollars.

We provide tax counsel and service in the following areas

The last thing you need during a time of loss or transition is an added tax burden. Why take on excessive estate and gift tax liabilities when you don’t have to? Time-tested strategies and techniques can maximize the transfer of wealth to your loved ones. As a business owner, you need to provide your family and business the best framework to protect and preserve your business while minimizing the tax consequences for your estate.

There’s no such thing as “tax season” for small and family-run businesses. Ever-expanding tax laws and regulations make tax ramifications a reality in almost everything you do in your business. Most of the time business owners are unaware that they may be triggering a negative tax result until after a transaction is completed. And by then, it’s too late.

Staying ahead means planning ahead. From the moment you conceive a business plan through your structured exit and transition strategy, tax traps and incentives alike can make or break your business. Our Schaumburg IL Tax Law Attorney will help you keep the big picture in focus while tending to the critical details that will enable you take advantage of favorable planning opportunities while avoiding unnecessary tax exposures.

We can work directly with your tax professional to create strategies that meet your goals, protect your company’s worth, and preserve your wealth throughout the evolving life of your business. With a constant eye on saving your tax dollars, we’ll help guide you on opportunities such as fringe benefit planning, phantom stock plans, stock purchase plans, deferred compensation arrangements, employment contracts, consulting arrangements, life insurance, succession planning and buy-sell agreements, business purchase and sale agreements, reorganizations, and other business transactions.

If you’re starting a company, do you know what type of entity is best for your enterprise? We can help you understand the pros and cons of each kind of business entity, including how to capitalize on the tax benefits, and help you evaluate which is best for you. If you have an existing company, we can determine if you’re better off converting to a different entity or help you take advantage of the various LLC options that are available.

IRS negotiations and disputes aren’t for the faint of heart. Holding your own takes a knowledge of tax law, a practical understanding of the IRS mindset, and years of experience working with IRS representatives. If you’re being audited, sometimes it can be like David vs. Goliath. Talk about a one-sided fight.

But for individuals, business owners, partnerships, and estates, there are ways to level the playing field in federal and state tax disputes. If you’re audited, we’ll work with you to develop an appropriate strategy and represent you throughout the audit and any appeals. If needed, we’ll help resolve collection and payment matters in the most beneficial way for you. For over 20 years we have helped individuals and businesses with:

• Audits and appeals
• Levy and asset seizures
• Innocent spouse relief
• Trust fund recovery penalty issues
• Offers in Compromise
• Dispute resolution
• State temporary restraining orders

No one plans to get divorced. But divorce is a growing reality, and the tax consequences can be substantial. That’s why it pays to plan ahead – not for a divorce, but for the possibility.

See how the concept of “equitable distribution” – in which the tax consequences of the divorce or separation are mutually negotiated – can save you money in this already expensive process.

In addition, we can ease many of the negative consequences of a divorce or separation and help steer you cleanly through the many related tax issues concerning:

• Property settlements
• Spousal payments
• Child support and dependency exemption issues
• The sale of your personal residence
• Property transfers
• Qualified plans
• College costs

You don’t need to be told about the hit the real estate market has taken the last several years.

But what you might not know is that the tax code can work for you. Wouldn’t you like to take full advantage of your real estate opportunities if you could? We can help you with:

• Choice of entity issues
• Like-kind exchanges
• Sale-leasebacks
• Using retirement plan assets to invest in real estate
• The structuring of limited partnerships or limited liability corporations (LLCs)