Visalia Tax Planning Attorney
Tax law can be complicated. It’s often the most challenging aspect of managing your finances. A Visalia tax planning lawyer at Fishman, Larsen & Callister can provide comprehensive tax planning services designed to protect your wealth, minimize your tax liabilities, and ensure full compliance with state and federal regulations.
Why Should You Hire a California Tax Planning Attorney?
Many people think that hiring a CPA or using tax software is enough to navigate tax laws. However, if you have complex assets, own a business, or are planning for the future, that approach may not offer enough protection. Working with a tax planning attorney can make all the difference.
Some of the benefits of hiring a tax planning attorney at Fishman, Larsen & Callister include:
Proactive strategies. We create year-round strategies to reduce your taxable income and protect your assets.
Comprehensive legal insight. We hold a deep understanding of the tax code and how it intersects with business, estate planning, and corporate law.
Protection in disputes. If you’re audited or facing trouble with the IRS, we can represent you and protect your rights.
Customized solutions. Every client has unique financial circumstances. We design custom strategies that align with your specific goals, risk tolerance, and industry.
Avoiding penalties. Proper planning reduces the risk of errors or omissions that can lead to audits or penalties.
Whether you’re an individual with a high net worth or a business owner facing taxation issues, Fishman, Larsen & Callister can help ensure that your tax strategy works for you.
What Is Tax Law?
Tax law governs how federal, state, and local governments assess and collect taxes from individuals, businesses, and other legal entities. The Internal Revenue Code sets the rules for federal taxes, while states maintain their own laws and enforcement agencies.
California has a graduated individual income tax of 1-13.3%. The sales tax rate currently sits at 7.25%. The state does not impose an estate or inheritance tax. Some common areas of tax law include:
Income tax. This is paid by individuals and businesses with money earned through wages, business operations, and other sources.
Corporate tax. This is levied on the profits of corporations. Different rules apply to various types of businesses.
Estate and gift tax. These are taxes assessed on the transfer of wealth during life or death.
Employment tax. This covers Social Security, Medicare, and unemployment taxes.
Sales and use tax. This is collected at the state and local levels. It’s relevant for businesses involved in retail or online commerce.
Excise tax. This is applied to specific goods and services.
Tax law changes frequently. That’s why working with a tax planning attorney ensures you stay in compliance and can take advantage of the most current opportunities.
What to Look for in a Tax Planning Attorney
When selecting a tax planning attorney in Visalia, you’ll want someone with a blend of legal and tax knowledge and business acumen. Consider the following:
Experience with complex tax matters
Multidisciplinary knowledge that overlaps business law, estate planning, and litigation
Solid track record with tax authorities, such as the IRS or California Franchise Board
Personalized service tailored to your individual needs
Strategic thinking to help you structure transactions, investments, and operations in a way that maximizes benefits and minimizes liabilities
Tax Issues Our Firm Can Help You Resolve
At Fishman, Larsen & Callister, we offer a range of tax planning services for individuals, business owners, and organizations in California’s Central Valley.
Some of our services include:
Business tax planning. We help business clients choose the right entity type, structure partnerships, and manage payroll tax obligations.
Estate and gift tax strategies. We advise families and individuals on how to transfer wealth efficiently and in compliance with federal and California estate tax laws.
Real estate tax structuring. We guide clients on how to structure transactions to avoid unnecessary tax pitfalls.
Retirement and investment planning. We help align your financial and tax strategies.
IRS and California Franchise Tax Board representation. We can help negotiate settlements, installment agreements, and offers in compromise.
Nonprofit and exempt organization tax compliance. We assist nonprofits in maintaining their tax-exempt status, filing annual returns, and addressing compliance with IRS regulations.
FAQs
Q: How Much Do Tax Planning Lawyers Charge?
A: Tax planning lawyers may charge a flat fee or an hourly fee. Sometimes, it depends on the circumstances, but flat fees are more likely for creating a tax-efficient estate plan or handling business tax matters. The total cost for an hourly rate varies based on the location, the attorney’s experience, and the complexity of your case.
Q: What Exactly Does a Tax Planning Lawyer Do?
A: A tax planning lawyer helps individuals and businesses minimize their tax liabilities while ensuring full compliance with state and federal tax laws. They offer strategic guidance on matters such as income tax planning, estate and gift tax strategies, and charitable giving. These lawyers can also help structure transactions to reduce tax burdens, represent clients in IRS disputes, and collaborate with accountants or financial planners.
Q: When Is It Time to Start Tax Planning?
A: Tax planning should happen well before tax season. Early planning allows individuals and businesses to take full advantage of deductions, credits, and strategies that may not be available at the end of the year. Key life events, including marriage, divorce, or the addition of a child, should warrant tax planning. Other circumstances that require tax planning include buying property, starting a business, or inheriting assets.
Q: How Do Tax Planning Lawyers Differ From Accountants?
A: Tax planning lawyers and accountants both help clients with taxes. However, they serve different roles. Accountants focus more on preparing tax returns, maintaining financial records, and offering routine financial advice.
Tax lawyers are legal professionals who provide advanced planning strategies, represent clients in audits or tax litigation, and help interpret complex tax laws. These lawyers focus more on legal structures and protection rather than simply numbers and compliance.
Contact a Visalia Tax Planning Lawyer
The Visalia tax planning lawyers of Fishman, Larsen & Callister provide trusted legal guidance tailored to your specific financial situation. We serve clients throughout the Central Valley. Contact us today to schedule a consultation.