Tax Preparation and Strategy

Tax Preparation and Strategy

The tax code is one of the most complex and constantly evolving pieces of law in the United States. For individuals and businesses, tax planning without the assistance of a professional can be a daunting task.Yet proper tax planning yields myriad benefits and prevents a multitude of costly problems.  Nazette, Marner, Nathanson & Shea, L.L.P. understands the need for comprehensive tax planning for businesses, families, and individuals. Our attorneys work with their clients to understand their tax planning needs and to create a structured plan to achieve their goals.

Our tax planning attorneys are familiar with not only personal income tax, but inheritance tax, gift tax, fiduciary tax, corporate tax and estate taxes.Their extensive experience in these areas allows them to help advance clients' financial goals, whether those be reducing taxable income, making more funds available for heirs and charitable organizations, increasing funds available for the operation of a business, or minimizing exposure to tax liability.

Tax Planning for Families and Individuals

Individuals and families are often unaware of the many ways their tax burden can be reduced, yet it is rare that they are already taking advantage of all the means available to lower the amount of taxes they pay. Often, we can implement simple strategies to great effect, such as identifying available tax deductions or using losses on investment to offset gains.  We can also put into place more complex structures, such as the creation of various trusts, to minimize tax burden without negatively affecting access to needed funds. Among the many tax planning strategies our attorneys put to use for our clients are:

  • Selection of the proper business entity for a family business
  • Creation of living trusts
  • Identifying and claiming income tax deductions for which individuals and families qualify
  • Maximizing use of gift tax exemptions
  • Reducing capital gains on stocks through the use of charitable giving
  • Tax strategies for divorce
  • Optimizing 401(k) matches for tax-free earnings
  • Conversion of ordinary income to capital gains
  • Deferred compensation planning

Tax Planning for Businesses and Corporations

Tax planning for businesses begins with helping our clients selecting the proper business entity for a new venture. It continues with advising clients on federal, state, local and international tax law, preparing them for tax audits, and representing them in appeals to administrative bodies on tax matters.

Our tax attorneys also work closely with our clients' accountants to achieve comprehensive understanding of their financial concerns and ensure compliance with tax reporting. We are also able to collaborate with their financial advisors to help structure transactions in the most beneficial manner. Our tax and business attorneys maintain regular communication within the firm to make certain that our tax practice is consistent with any projects our firm may be handling for one of our clients.

Some of the services we offer our business clients include:

  • Strategic planning for reducing tax liability
  • Executive compensation issues
  • Tax advantages from employee benefit plans
  • Business entity formation for tax benefits
  • Real estate tax issues
  • Structuring tax-advantaged transactions
  • Charitable giving for reducing taxes
  • Tax deferral strategies

We invite you to contact us to discuss how we can find and implement the most effective strategies to reduce your personal or business tax liability.

 Call our office in Cedar Rapids to schedule your initial consultation: (319) 366-1000.

 

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