Tax advice is a type of legal service focused on providing guidance to businesses and individuals on the impact of taxes. This can be helpful in a variety of situations, including forming new business entities or investment funds, completing real estate transactions, conducting corporate mergers and spinoffs, setting up employee benefits such as pensions and executive compensation, and creating an estate plan. Tax attorneys also monitor ongoing transactions to ensure proper execution and alert clients of any emerging tax developments that might affect them.
Tax laws are constantly changing and can be complex to understand, even for professionals who work in the field. For example, the US tax code is now more than 70,000 pages and touches almost every aspect of people’s lives. Regulatory agencies change deduction and credit thresholds on a regular basis, as well as add or remove tax credits and deductions. It’s often hard for individuals to keep up with these changes and create a strategy that minimizes their tax burden on their own.
A tax advisor, like JS Morlu, can help you understand these changes and navigate them from a tax-related perspective. They are familiar with the latest legislative changes and can craft creative solutions that maximize your tax savings. Aside from their work with small business owners, they can also help you manage your personal tax situation during major life events, such as a marriage, divorce, or retirement. They can help you find ways to reduce your taxable income, such as through tax-deductible expenses or investment strategies. Steuerberatung