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Tax Planning Strategies For You And Your Business

January 14, 2014  |   Tax Law   |     |   0 Comment

I’m Deborah Gregory, owner of the premier Dallas tax law firm, and we specialize in tax planning strategies for you and your business. My central focus as a tax attorney for small businesses and individuals is helping my clients keep more of their hard earned money in their own pockets.. This obviously includes audit help, and representing clients during IRS collection actions, but it also means helping clients with their tax planning so that they can avoid tax problems and minimize their tax footprint.

Unfortunately, tax planning strategies involve many moving parts. For example, the circumstances of your business or household may change, the economy may shift in a way that provides planning opportunities, or changes in the tax code itself can present a need for tax help.

Roth IRA

Today, I want to discuss an interesting strategy that many people are utilizing. This strategy is a Roth conversion. Without getting too technical, those who have a traditional IRA are allowed to convert this traditional IRA into a Roth IRA. The main di!erence between traditional IRAs and Roth IRAs is that the former exposes its owners to tax on their distributions (that were deductible upon contribution grew tax free during the investment stage of the traditional IRA) while Roth IRAs allow for tax-free withdrawals.

Converting a traditional IRA to a Roth IRA carries a price tag in the form of a current tax bite at the time of conversion. So why would anyone convert? There could be several reasons, but the most prominent is the anticipation of increasing tax rates in the future.

The belief by many that higher tax rates loom in our future combined with the recent law change which now allows anyone, regardless of their income, to convert traditional IRAs to Roth IRAs has led to a big increase in Roth conversions. In fact, the IRS announced that in 2010 the amount converted from traditional IRAs into Roth IRAs increased 800%.

Done properly, tax planning can mean tax relief. But make sure that you are working with the best tax attorney you can find.The Law O”ces of Deborah Gregory, PLLC is the premier Dallas tax law firm for tax planning as well as representing clients through the IRS audit, collection, and controversy stages. The Law Office of Deborah Gregory, PLLC offers a free consultation with Mrs. Gregory. To schedule your free consultation, please call us toll free at (888) 346-5470. This Free call could save you thousands of dollars in a very short amount of time.

As a former IRS attorney with over twelve years spent in government practice, Mrs. Gregory is uniquely positioned to assist individuals and businesses with all of their federal tax issues. Mrs. Gregory is not only a subject matter expert in all areas of federal taxation, but through her past experience as a former IRS attorney, Mrs. Gregory is the only Dallas tax attorney that has inside knowledge of how the IRS works. This enables Mrs. Gregory to provide her clients with the highest quality service available in the tax law market.

To schedule your free consultation, please call us toll free at (888) 346-5470. We look forward to speaking with you soon.

Gregory Law Group Team