Proper tax planning can be used for reducing taxes while ensuring it is done without crossing legal boundaries that break tax codes or trigger an audit. Property tax assessments can be appealed and reduced and living trusts can be set up to protect assets from estate taxes. If you are in trouble with the IRS, then a variety of methods from appeals to abatements are available to reduce the amount of unpaid tax, penalty and interest that is due.
Listed below are all such issues where legal help can reduce your taxes:
Tax planning for yourself and your spouse is about making qualified investments that offer tax deferrals and credits so that your earnings and assets can grow without being taxed. If you go too far and get into trouble with the IRS, it can be sorted out using legal assistance for an audit or appeals afterwards. You can always ask for an offer in compromise to settle for less than the total amount due, contest the charge in tax court or discharge it through Chapter 7 or 13 bankruptcy filings.
Estate planning allows you to get rid of gift taxes via a variety of methods. You can start making annual tax-exempt gifts of up to $13,000 early to make sure the estate value is within the unified credit available.
Do you have additional legal questions about reducing taxes? Our tax lawyers can help! Contact a local taxation law attorney today for more information.