Tax Planning Lawyers in St. Louis Helping You Reach Financial Goals

Filing federal and state tax returns is a necessary task for most of us every year. Unfortunately, filing taxes incorrectly or without a plan can increase tax liability, costing you or your business more money. With the proper tax planning in place, you can use tax season to reach your financial goals and plan for the future.

At The Law Firm of Lance R. Drury, P.C., our team is ready to help you plan your taxes and reduce your tax liability. Whether you’re filing for yourself, for your business, or jointly, we can help you minimize your tax liability and reduce the chances of any tax disputes in the future. For a free consultation and to learn more about our services, call one of our offices today: Ste. Genevieve, (573)-883-3056; St. Louis, (314)-260-6120; Nashville, (615)-733-8168; and San Antonio, (726)-202-1300.

What Does a Tax Planning Lawyer Do?

A tax planning lawyer provides comprehensive tax services to assist with any tax preparation needs. Not only does a tax planning lawyer help you file your tax returns, but they can also assist you in reaching your financial goals long-term. A tax planning lawyer can also assist with tax disputes, negotiating with the Internal Revenue Service (IRS) or the state government if needed.

Our team views tax planning as a long-term process that evolves. We will meet with you initially to review your financial goals and then continue to meet with you as those goals change and grow. Plus, if any complicated tax matters arise, we are experienced and here to help with those issues as well.

How Can a Tax Planning Lawyer Minimize Tax Liability?

Minimizing your tax liability is the best way to protect your assets and your business, if applicable. Our team will consult with you to learn more about your financial situation and make a recommendation. However, there are some common tactics we use often that can help minimize your tax liability.

These tactics include the following:

Irrevocable trusts
Wills and revocable trusts
Family limited partnerships
Special needs trusts
Insurance trusts and gift planning
Charitable trusts and charitable foundations
Asset protection strategies
Health care declarations and living wills

And more. If you want to protect your assets and reduce the amount of tax you owe, contact us today.

Which Tax Issues Can a Tax Planning Lawyer Help Me With?

Our team of experienced tax planning lawyers can assist you in complicated tax matters.

These areas include:

Delinquent Tax Returns

Not filing a tax return for any given year can result in fines and penalties, which can sometimes amount to more than you owe in the first place. Our team can negotiate on your behalf to reach a settlement agreement or a payment plan that works for your finances.

Bank Levies

If you owe the IRS money, they have the legal authority to seize and sell any property you own or have a business interest in. Bank levies typically take time, but reaching a settlement with the IRS before they seize your property is essential. Our team will help you contact the IRS and reach an agreement to keep your property in your name.

Wage Garnishments and Levies

If you owe the IRS back taxes, they may garnish your wages or put levies on your wages to recoup the debt that they are owed. However, these garnishes and levies can be expensive, sometimes amounting to your entire paycheck. If the IRS is garnishing your wages, our team can help you reach a settlement so you still have enough money to live.

Offers in Compromise

When you owe the IRS money, you can submit an offer in compromise to settle for less than the amount you owe. Our team will help you submit this offer and sign up for a payment plan so you can repay that money over time.

Installment Agreements

Instead of paying the IRS in one lump sum, an installment agreement lets taxpayers pay a monthly installment over a period of time. However, negotiating an installment agreement can take time since the IRS often wants to recoup its money as quickly as possible. Our team will advocate for you to sign up for a plan that suits your financial situation.

Penalty Abatements

The IRS may make an exception and forgive debts and penalties if you prove that an extenuating circumstance prevented you from paying your taxes on time. Our team will fight on your behalf to negotiate with the IRS and plead your case to get some or all of the penalty removed.

Payroll Tax Problems

All businesses with employees are required to withhold taxes from paychecks to make payments toward Social Security and Medicare taxes. If you fall behind on these taxes or do not file your taxes correctly, the IRS may penalize you. Our team will help you catch up on your taxes to avoid fines and fees.

Overpayment and Refund Claims

If you overpay your taxes, you are owed that money from the IRS or your state government. However, filing an overpayment or refund claim is a long and arduous process. Our team can help you file a claim to get the money that you deserve.

Should I Hire a Tax Planning Lawyer?

If you have financial goals for yourself or your business, working with a tax planning lawyer is the best way to save yourself money long-term. A member of our team will meet with you to discuss your finances and see how you can plan your taxes to reduce liability. For a free consultation, call an office of The Law Firm of Lance R. Drury, P.C. today: Ste. Genevieve, (573)-883-3056; St. Louis, (314)-260-6120; Nashville, (615)-733-8168; and San Antonio, (726)-202-1300.