None of us likes to think about taxes whether they are state or federal. However, there must be some planning put into place if you are going to minimize the amount of taxes you are paying or your heirs will be expected to pay upon your death. At Denton Law, L.L.C., I offer business owners, individuals and estates the necessary help to deal with tax issues including:
- Estate Tax – there are both state and Federal tax laws that govern estates. In many cases, estates that are valued at less $5.45 million (adjusted annually for inflation) have no estate tax burden. However, there are still forms that must be filled out and because the laws are constantly changing, it is important to have an attorney review all assets and liabilities to ensure there are no final estate tax issues to be dealt with. I can prepare and file the estate tax return.
- Gift Tax – the Federal annual exclusion amount is $14,000 and the lifetime Federal gift tax exemption is $5.45 million (adjusted annually for inflation), but is subject to change at any time. I can help you determine the best way to gift your wealth to family and heirs while minimizing the taxable consequences.
- Generation-Skipping Transfer Tax – the laws concerning generation-skipping transfers are complicated so it is imperative you speak with a tax planning attorney for guidance. Many families who fail to use this important tax planning tool leave their heirs with an unnecessary tax burden. At Denton Law, L.L.C., I can help you make the most of this estate planning method and ensure your family members will not be burdened by undue taxes.
- Income Tax – income taxes may further deplete transfers, especially with tax deferred accounts, such as retirement plans and IRAs. I can advise you as to withdrawals to save taxes. I also can help you with allocations of income and expenses between an estate and a decedent, assist with preparation of the fiduciary income tax returns and more. I understand the complexities involved in tax returns and I will work with you to identify all possible deductions and minimize the amount you owe as much as possible.
- IRS disputes – when you are facing an audit or you feel your return was flagged improperly, I can help you fight back against the Internal Revenue Service. Since I have helped clients through audits and other tax problems, I have the skill and experience you need to win.
Dealing with any type of tax issue is never easy and having someone who understands both state and Federal tax requirements can save you time and money in the long run. Contact Denton Law, L.L.C. at (720) 638-1605 for all your tax planning and tax dispute issues in Lawrence, Kansas and Northeast Kansas, including the Kansas City metropolitan area. I also provide these services in the Denver, Colorado metropolitan area and Grand County, Colorado.