Tax Planning Attorney
Do you know how to use the tax code to your advantage? With tax planning guidance from The Law Office of Hale Stewart, we can give your small company the large company advantage. For tax planning guidance you can use, call my firm at 832-330-4101 to schedule your complimentary half-hour consultation.
The Law Office of Hale Stewart can assist with business formation, ongoing operations and the sale of the business.
"Why?" is a typical question. I have the answer.
Although you may not realize it, literally every decision you make as a business owner has tax implications. For example, suppose you sell a product. Do you accept payment today, or do you delay receipt until a later date? The answer depends on your current tax situation and expected future tax situation - along with the viability of the buyer.
Tax planning can be considered in various applications and business decisions. There are generally six ways to implement tax law policies. They are as follows:
- Deduction: Can an item be subtracted from your gross income to arrive at taxable income?
- Credit: A credit is far better than a deduction because it is a dollar for dollar reduction in tax. It directly lowers the amount of tax you pay.
- Exemption: Can an item be removed from your gross income? If so, you will probably be able to lower your income tax for the year. This method usually requires advanced tax planning.
- Changing the tax treatment of an item: Among other methods, an item of income can be changed to a capital gain or a dividend.
- Compression of an asset: Can an asset be made less valuable from a tax perspective? If so, you may have a lower tax bill at the end of the tax year.
- Extraction: Also called tax arbitrage, this involves two distinct tax jurisdictions where one has a low or non-existent level of taxation. The income is then moved from the higher tax jurisdiction to the lower tax jurisdiction.
To discuss your business' tax planning strategies and get your questions answered, contact The Law Office of Hale Stewart to schedule your complimentary half-hour consultation.
The Law Office of Hale Stewart is located in Houston, Texas and represents clients throughout the Gulf Coast and Bay Area, in cities such as Houston, Beaumont, Bellaire, Clear Lake, Conroe, Cypress, Cypress Fairbanks, Humble, Kingwood, Memorial, Montrose, River Oaks, Sugarland, The Heights, The Woodlands, West University and throughout Harris County, Fort Bend County, Galveston County, Liberty County and Montgomery County.
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