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We appreciate our clients’ desire to generate every dollar of tax savings across the spectrum of taxes, whether income, capital gains, gift or estate taxes. When asked, we generally can provide structure and plans to generate tax savings across that spectrum as well, including income tax savings in the present tax year. Our expertise in this area has been widely recognized by other professionals, as John Buckley has lectured on this topic to attorney groups nationwide.
How does our Firm provide you with income tax savings? If you are employed with a company, we seek to better utilize your ERISA (Employment Rights In Securities Act, passed in 1974) savings. ERISA savings arise out of qualified plans such as 401K plans, 403B plans, profit-sharing plans, and similar types of plans which have a plan administrator and fall within the stringent guidelines of Internal Revenue Code (IRC) 401. However, if a client owns his or her own business, our Firm will also “cherry pick” other sections of the Internal Revenue Code which allow significant deductions for small businesses legally, ethically appropriately and fairly. Some of the opportunities we may identify to you require a client to consider incorporating his or her business in order to meet requirements imposed by the IRC. We sensitively walk our clients through the rationale for incorporation and provide you with all the costs and benefits of any changes we propose to your business structure, resulting in maximum income tax savings in a legal and legitimate manner.
Justice Learned Hand, a famous and often quoted federal judge, commented in one of his court opinions that there are two tax systems in America – one for the educated and one for the ignorant. He also noted that there was no requirement for Americans to pay more income taxes than are due under the IRC. We specialize in educating our clients to make informed choices which insure that they do not waste opportunities to generate legally authorized income tax savings now, in this tax year.
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