Business tax planning in Maryland

Tax considerations are important for businesses of all sizes, and planning is important to limit the risk of unexpected consequences. The more your company grows, the more extensive your tax obligations may become. Proper business tax planning can be important to ensure that obligations are minimized so that the value of company holdings and income can be maximized.

Making decisions without experienced insight may be risky due to the fact that the laws related to business taxes can be complex and confusing. These decisions could be risky if your understanding is limited. However, reliable legal representation may allow you to bypass risky decisions that could jeopardize your company. Additionally, you may find that as your short-term tax obligations and decisions are handled, an experienced business tax lawyer may provide long-range understanding of your choices and their implications. In addition to federal income tax concerns, your company may be faced with issues such as managing tax withholding from employees’ paychecks and collecting sales tax on products. In the planning process, a legal adviser may provide guidance on managing and monitoring these funds.

One of the most important decisions if you are starting a company is deciding which type of entity to form. The tax issues can vary based on your decision to form a sole proprietorship, an LLC, a partnership or an S corporation. Your legal team may also provide guidelines for managing your business finances to limit the risk of tax violations and other problems. Additionally, you may want help with deciding on an approach to business that may limit your personal liability.

While it is helpful to begin business planning before starting a company, some business owners come to the realization of the need for planning after company activities have been in progress for some time. It may be helpful in such a case to seek legal assistance in order to make corrections or adjustments. To learn more, please explore our business tax planning page.

Source: Lusk Law, LLC, “Experienced Tax Planning for Maryland Businesses”, September 11, 2014

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