Income tax planning is an essential, yet often overlooked, way to reduce your federal and state income tax liability on personal or business income for many years to come. The Internal Revenue Service (IRS) requires each individual or business to pay the requisite amount of taxes each year. However, there are a variety of income tax planning strategies that can be utilized to minimize your liability, and you may use legitimate tax laws and regulations to your benefit. An absence of a sufficient and well-structured tax planning strategy can be a costly mistake, especially for high-net worth individuals and businesses. Old Saybrook, CT tax planning lawyer Raymond J. Muratori is a Connecticut licensed attorney who focuses a large portion of his practice primarily on tax planning, and will sit down with you to discuss your individual needs and the best solution for your personal situation.
Individual tax planning is a relatively simple solution to paying more taxes than are mandatory each year. Suitable tax planning strategies for an individual include deferring income or shifting it to family members in order to potentially lower your current and future tax bracket. Other common variations for individuals include practical investment planning, employee stock options, life insurance, retirement planning, charitable and foundation planning and giving, life settlements, and domicile tax planning.
Estate, trust, and fiduciary planning also play a critical role in reducing your current and future tax liability. This planning assistance includes both estate tax as well as income tax of the estates and trusts. Through the establishment of trusts and wills, you can potentially save an immense amount in tax liability by strategically reducing the net worth of your estate. Each of these methods will assist in reducing both your current and long-term liabilities, and each can be structured to your individual life goals and requirements.
Business succession planning is one of the most important issues facing current generations. Changes in business structure and the law involving business succession open the door to a wide variety of income tax planning strategies and business succession planning. Business succession and income tax planning are essential because when a business changes hands with a lack of proper planning, an incredible amount of value can be lost in the shift. Finding a tax expert who knows the ins and outs of business planning is an important task for securing the successful future of your business. Some commonly used strategies and methods of assistance include capital gains tax minimization, choice of a business entity, real estate exchanges, and family office planning.
Old Saybrook, CT tax planning lawyer Raymond J. Muratori focuses his practice primarily on income tax planning, among many other areas of tax law. Attorney Muratori is also a licensed CPA. He has over 25 years of experience as a tax professional and his familiarity with the intricacies of federal and Connecticut tax law lends an invaluable expertise to tax-related issues surrounding specific and general tax planning. Contact Raymond J. Muratori, Attorney at Law, at 860-388-3599 to schedule a consultation to discuss and execute the best tax strategies for your needs.