The tax system is incredibly complicated with certain deductions being permissible in some instances and not others, and numerous shifting deadlines. Elements of tax law change nearly every tax season, and it is difficult to keep track of which guidelines are currently applicable. Whether you are struggling to figure out what exemptions apply to you and your family this filing season or need insight on the best way to approach a charitable gift to your favorite non-profit organization, our attorneys are well-equipped to help you with all your estate, gift, and income tax administration.
Call our esteemed North City Law attorneys at 206-413-7288 today to request a FREE initial consultation.
Income Tax Planning
Frequently, we don’t give our taxes much thought until the filing season comes around, which is when we scramble to get together all the necessary documents, hoping that we won’t owe significant amounts to the IRS after our taxes are processed. However, with appropriate planning, it is frequently possible to not only file your taxes in a more thoughtful and predictable way, but to also reduce your tax burden, likely resulting in substantial savings.
If you inherited estate from a loved one, you may face difficulty when it comes to collecting the assets passed on to you without giving up a large portion for taxes. The attorneys of North City Law will help you minimize your tax burden and ensure that you’re taking advantage of every available exemption.
Taxes on gifts vary based on many factors such as the size and type of gift, the nature of the relationship between the giver and the recipient, as well as the purpose for which the gift will be utilized. For instance, if the gift is small (in many states below approximately $2,000), it will not be liable for taxation. Exemptions and deductions are also put in place for gifts between parents and children, or otherwise related individuals. Additionally, if the gift is used to pay off existing debt, it will often be tax-exempt, if filed using appropriate documentation.
It is not uncommon for estate owners to want to direct their wealth toward a charitable organization, non-profit or other institution with a respectable mission. To stay aligned with your personal and philanthropic goals, you may need an experienced tax attorney’s help figuring out the optimal strategy for disbursing and documenting your wealth. Some things to be considered in charitable giving are the eligibility of the institution to which you are making a donation, the type of contribution you will be making, as well as ways to chronicle your charitable giving. Many exceptions exist, especially for older individuals, which allow you to make tax-free deductible donations to eligible charities. For example, though IRA withdrawals are normally taxed before they could be donated, people above 70 years old could direct under $100,000 to a suitable charity or non-profit without being subject to hefty taxation.
Why Do I Need an Attorney’s Help?
Deductions, exemptions and deadlines fluctuate greatly each season, and current rules need to be carefully examined each time in order to avoid heavy state or federal fines. With a tax attorney’s help, you can find the most advantageous estate, gift, and tax administration plan for you, boosting your own wealth, and making donations without suffering from excessive taxation.
At North City Law, we are here to help you with all your income, estate and gift tax-related questions! Call us at 206-413-7288 today to set up your first consultation for FREE!