What Is Tax Planning?
Death and Taxes
- Capital Gains Tax: taxes paid on capital gains, occurring whenever the small business owner sells an asset for more money than they paid for it.
- Income Tax: taxes paid on income generated by the small business owner and their businesses.
- Sales Tax: taxes paid on the sale of goods and services levied at the time of sale.
- Employment Taxes: taxes paid by small business owners with employees, which can include social security and Medicare taxes, federal unemployment (“FUTA”) taxes, and self-employment taxes.
Tax Planning for Small Business Owners
- Working with the small business owner to ensure they understand the various taxes they could be subject to, and how best to plan for and mitigate those taxes.
- Review of the current tax structure in order to determine whether tax savings are being maximized.
- Determination of any potential interplay between the business and the estate plan of the individual owner.
- Asset Protection including entity and trust structuring
- Proper Implementation of an Estate Plan through Estate Planning
Tax Planning for Individuals
- Successfully navigating the Employee Retirement Income Security Act (ERISA) for defined benefit plans (such as 401(k) and 403(b) plans) and defined contribution plans (such as Simplified Employee Pension Plans, or SEPS, and individual retirement accounts, or IRAs).
- Negotiation and Resolution of Outstanding Tax Debts and Liabilities with the Internal Revenue Service.
- Determining whether entity conversion may be beneficial to the business or its owners.
About Alberto Rodriguez, LL.M, Esquire
Alberto Rodriguez, Esq., LL.M., has experience in all phases of Estate Planning, from drafting simple wills to complex trusts and tax structures. Alberto's experience in Estate Planning includes a specialized background in taxation which he obtained from the University of Miami's Masters of Laws program and throughout years of practice.