Taxes touch on nearly every aspect of life, affecting everything from how you run your business to what sort of estate plan you create. For that reason, you need dedicated legal counsel to walk you through the complexities of the various taxes you and your family will encounter. SederLaw’s Tax Law practice group works with individuals, corporations, and others to develop strategies that help them minimize their tax burden and take advantage of the benefits available under law.
Tax Issues And The Challenges That Come With Them
Our skilled attorneys provide seasoned counsel to assist clients with a broad range of local, state, and federal tax matters. These are a few examples of the tax issues we routinely handle:
- Individual and gift. Although high-net-worth individuals can use sound tax planning, people at all income levels should understand state and federal tax laws and the deductions and credits for which they may be eligible. We also help sole proprietors, freelancers, and other individuals with unusual or nontraditional income sources understand their tax liabilities so they can prepare accordingly. Finally, we advise individuals as to their tax obligations in giving gifts.
- Corporate. Forming a corporation offers a multitude of tax advantages as well as duties. We advise businesses as to the differences between S corporations and C corporations and help them select the tax structure that is most beneficial. Our firm also assists with tax compliance and the Internal Revenue Code, corporate tax deductions, capital gains and losses, and much more.
- Partnership and other businesses. Partnerships have their own tax benefits compared to other legal entities, such as pass-through treatment of income. However, not all partnerships understand the gains they need to report or the business deductions available. We advise partnerships and other businesses on both routine and unusual tax issues.
- Estates and trusts. When building an estate plan, tax implications must be considered. But estate tax matters can tie into other areas, such as gift tax, real property tax, and more. Meanwhile, creating a trust is a great way to reduce taxes by, among other things, removing certain assets from estates. No estate or trust plan is complete without sound tax consulting.
- Sales and use. Massachusetts imposes both a sales and use tax. Businesses collect sales tax from their customers, while a use tax is imposed upon consumers who did not pay the sales tax at the time of purchase. Not everything is subject to these taxes, however. We can advise you as to the legal requirements and applications of the sales and use taxes.
- Real property. Real property tax rates vary from one county to the next in Massachusetts. All property owners in the state must pay these taxes. However, there are exemptions for certain qualifying individuals, religious and charitable organizations. Tax abatements are also available in situations such as overvaluation or misclassification of the property. Our goal is to reduce your liability by advising you as to all relevant aspects of real property tax law.
- Personal property. Cities and towns through Massachusetts assess taxes on eligible personal property. Knowing what is subject to taxation, and which exemptions may apply, is why having a knowledgeable tax attorney can make a difference. We explain the complexities of personal property tax and what it means for you, your family, and your business.
The Advantage Of Having A Tax Attorney
Taxes are never simple, but there are ways to make them less difficult. An experienced attorney can provide a number of tax-related services, including:
- Helping you and your family understand the tax implications of everything from getting a promotion to having a child
- Providing tax planning for existing companies and helping new businesses select the most tax-advantageous legal entity
- Discussing how taxes will affect your estate plan and what effect they may have on your surviving family members
- Explaining new tax incentive programs for which you or your business may be eligible, and how to apply for them
- Advising you as to whether exemptions or exceptions to tax laws apply, and whether you qualify for any abatements or other reductions
- Walking you through tax deductions, credits, and other methods to reduce your overall tax liability
- Answering your questions about the Internal Revenue Code and state tax laws so you can plan for your family or business
- Structuring business, real estate, and other transactions to help you gain the most benefit from the tax laws
- Assisting with tax compliance, reporting obligations, or other responsibilities that may apply to you or your business
Our Firm’s Approach To Tax Law
SederLaw is well-versed in not only the tax laws that impact you but also how the myriad statutes and regulations are interpreted by administrative agencies and courts. We know taxes are stressful, which is why we customize our legal counsel to suit your exact needs and put your mind at ease. Our firm often partners with our clients’ CPAs and accounting firms to achieve their personal, professional, and commercial objectives.
You deserve an attorney who not only understands how to navigate taxes but is adaptive to changes in the laws. There are new state, federal, and sometimes local tax rules that are unveiled every year. We help you, your family, and your business keep up with these developments so you can reduce your tax burden and plan for the future.
Contact Our Worcester Tax Law Attorney
Our team knows what it takes to tackle the most difficult tax situations. In advising our clients we frequently work alongside our other practice groups, such as Business & Corporate, Estates & Trusts, and Real Estate. Ready to get started? Contact SederLaw today to schedule your confidential consultation.