Business Tax Planning

Taxes are often one of the biggest expense items on any Maryland business’s income statement. When managed properly, tax expenses can be kept under control, helping you and your business reach higher levels of profitability. Without proper planning, taxes can be a major expense, possibly causing your business to take a loss. In extreme situations, poor tax planning could lead to tax errors, which could in turn cause fines, interest and other penalties. For all of these reasons, it’s critical that you have a skilled, experienced and knowledgeable tax attorney on your side.

Tax planning begins with business formation. Different business structures have different tax consequences. From sole proprietorships to limited liability companies to corporations, every type of business structure has its own set of tax rules and regulations. There is no right structure for everyone. Rather, you should use the structure that best fits your needs and goals. A knowledgeable tax attorney can consult with you and help you decide on the structure that best meets your goals and manages your liability.

Everyday business transactions can also impact tax liability. Most of your expenses will result in some form of tax deductions. Even the types of compensation that you provide to your employees can impact the way your taxes are calculated. With so many moving parts, it’s easy to see why tax planning can often be a complex process. If you go it alone, you could miss important opportunities to reduce your tax burden.

At our law firm, we have a knowledgeable and experienced team of business tax lawyers who can help you plan and manage your tax situation. Keeping taxes under control is critical for the overall strength and success of your business.

Tips for Creating a Business Succession Plan

You’ve put countless hours of hard work into building your successful business, but have you put any time into considering who will run your business once you retire? If…