Tax Planning
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Tax Planning Made Easy
Tax planning entails thorough analysis of an individual or businesses financial situation or plan from a tax perspective.
The main purpose of tax planning is ensuring tax efficiency. Through tax planning, any and all elements of a financial plan will work together in the most efficient and effective manner possible. Tax planning is such an essential part of an individual investor and business owner’s financial plan which seeks to reduce tax liability.
Every year, business transactions become more and more complex. Because of this, the way that businesses get taxed increases in complexity year after year as well. Today, business owners must take several things into consideration when planning for taxes, even more-so if they do business across multiple jurisdictions.Â
Because federal corporate tax code changes so rapidly businesses often struggle to remain compliant. As a business owner, it can be very difficult to identify potential tax breaks and savings opportunities. Unfortunately, due to the varied durations and often highly specialized nature of the opportunities, many business owners without extensive knowledge of corporate tax law fail to realize the benefits of important tax breaks.Â
Year after year taxes become a barrier preventing profitability and growth for many businesses. Thousands of dollars are lost every year by business owners due to unclaimed benefits, rebates, and deductions. With proper tax planning, corporate tax codes seek to offer many opportunities for reducing money spent on taxes that business owners can take advantage of.
Practically every decision a business makes is grounded in taxation; everything from the best equity structure for tax purposes, to settling lawsuits in a tax efficient manner and transferring the business to a purchaser.Â
The best defense for an audit or assessment begins at the planning stages, as we help you navigate the complexities of federal and state taxation and minimize tax exposure. We also work with clients’ CPA’s and internal accountants in order to communicate the tax positions that help maximize the client’s tax position. Additionally, we have experience representing taxpayers before federal Tax Court and before state agencies in disputes over assessments.
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Better Than The Rest
We have always prioritized our clients above all else. This approach has allowed us to develop strong client relationships spanning more than 30 years. To us, you’ll always be more than just a number, and we’ll give our all to solve your legal needs.Â
We are more than just another law firm. We are Kent Woods Law.
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Our Other Practices
Bankruptcy
We have represented creditors, committees, and debtors on bankruptcy issues throughout the country and are familiar with the unique processes and procedures of Bankruptcy Court.
Business Representation​
We pride ourselves in developing relationships that stretch across generations—from the planning stages of a business to transitioning it to future generations. We'll help you achieve your goals.
Estate and Asset Protection
The largest threats to any business or family wealth are taxes, lawsuits, and divorces. We can minimize the effects of any of these through appropriate planning.
Trust Administration
Personnel at the Law Office of Kent P. Woods provide trustee services for dozens of trusts, ranging from simple to complex. We also provide counsel to trustees who need assistance and legal opinions as to issues affecting their trusts.
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