In Tax Planning, Waiting Can Mean Lost Opportunities
In tax planning, as in estate planning, waiting carries a risk. If you fail to structure your business or assets in a way to minimize tax consequences now, it may be impossible for a tax lawyer to undo the damage later.
At The Shump Law Firm in Baltimore, Maryland, our lawyers help our clients structure their income and assets to take full advantage of deductions, credits, losses and past losses to minimize taxes. We also conduct compliance audits to ensure that your current tax strategies are not putting yourself or your business at risk of IRS scrutiny.
The Difference Between Minimizing Taxes and Evading Taxes
There are many legal ways to minimize the amount of taxes that you or your business pays. However, there are just as many tax reduction techniques that could invite an audit by the Internal Revenue Service.
Both of our attorneys have advanced education in taxation beyond their law degrees. Our principal attorney, W. Randolph Shump, Esq. is a former IRS trial lawyer and advisor with the U.S. Treasury's Office of Chief Counsel. Mr. Shump also served nearly a decade as a Revenue Agent for the IRS. As a result, we know the difference between tax minimization techniques that work legally and those that are likely to be disputed by the IRS.
Our lawyers can help you explore all legal ways to minimize your taxes, including:
- Charitable remainder, gifting and life insurance trusts
- Offshore trusts
- Structuring income to minimize taxes
- Choice of a business entity (LLC, S corporation, C corporation, or partnership) for maximum tax advantages
- Looking at options to get a deduction or accelerate a deduction
- Examining passive losses, and
- A myriad of other planning strategies
Free Lawyer Consultation
For more information or to discuss your wealth preservation or tax planning needs with an attorney, call (410) 832-8865 or fill out the contact form on this Web site. Our law office is located in the Baltimore suburb of Towson, Maryland.
