Tax Planning Lawyers

The tax planning lawyers at Shook, Hardy & Bacon L.L.P. (SHB) share a common goal: to help you arrange your financial affairs so as to minimize your taxes. Years of experience and innovative solutions have helped shape the practice of our tax planning lawyers.

When our tax planning lawyers work with you, we generally focus on four primary areas:

• Reducing Income
• Increasing Tax Deductions
• Taking Advantage of Tax Credits
• Increasing your Withholding

Reducing Income Adjusted Gross Income (AGI) is a key element in determining your taxes. AGI is your income from all sources minus any adjustments to your income. The higher your total income, the higher your adjusted gross income. Simply put, the more money you make, the more taxes you will pay. And, the less money you make, the less taxes you will pay. Reducing your income will, in turn, reduce your taxes, and a smart and easy way to reduce your income is to contribute money to a 401(k) or similar retirement plan at work. Your contribution reduces your wages, and lowers your tax bill.

Increase Your Tax Deductions: After you have reduced your AGI with deductions and exemptions, you are left with what is known as taxable income. Almost everyone can take a standard deduction, and some people are able to itemize their deductions. The best strategy for reducing your taxable income is to itemize your deductions. Our tax planning attorneys recommend keeping track of your itemized expenses throughout the year using a spreadsheet or personal finance program. The most common deductions are mortgage interest, state taxes and charitable donations.

Increase Your Withholding: A simple trick that anyone can take advantage of is to increase your withholding. By doing so, more money will be taken out of your paycheck throughout the year, in turn giving you a bigger refund when you file your taxes. And most people do not miss the money they never see.

To learn more about how to save money on your taxes from our tax planning attorneys, contact us today.