Seeking this kind of help is not as difficult as it may seem. For instance, in Los Angeles, the firm of Holtz, Slavett & Drabkin, APLC is made up of partners who have served as IRS attorneys during their past pursuits. This acclaimed West Coast practice takes on all manner of tax issues, including income, estate, employment, property and sales.
With that being said, this L.A. firm – and others like it around the country – are highly sought after for the very fact that by using their services you are bound to save money in all aspects of your life, both personal and professional.
To start to understand how a former IRS tax attorney now working on the civilian side can assist you, consider the idea of deferring income tax while accelerating your deductions. This can be tricky business for the average person, but is a basic move known by professionals who understand the ins and outs.
The latter can lead you to the right way to allow income and expenses to work for you. This is especially meaningful for those self-employed people who possess the legal means to move around these elements of their businesses, be that by deferring income or by pushing through interest expenses on an accelerated basis.
Another area in which a former IRS tax attorney can help you sort out your options so that you are able to save is in the charity realm. Chicago-based Barry R. Steiner, author of “Pay Less Tax Legally,” says that you should consider “giving away appreciated property (like stock shares) …so you can deduct the full value without paying capital gains taxes.”
Steiner says that this kind of donation is a sound choice, but donating depreciated property to charity is not. In this case, this professional says to “sell [the depreciated property] first and [then] give the proceeds [away to a proper cause]. In this way, you can claim any capital loss and take a charitable deduction at the same time.”
This complicated concept simplified by this former IRS tax agent is just one of a whole host of areas in which you’ll likely be glad you hired that person to look after your assets.
Meanwhile, be sure to plan ahead when working with a tax lawyer who used to be an IRS tax attorney. Do your due diligence with regard to mapping out all aspects of your financial life, from estate planning and retirement to cash flow and investment opportunities.
To be sure, doing this work on at least an annual basis while consulting with the right professional means you will not get caught looking in the rear view mirror when it comes to your financial health – and that’s a good thing. A very good thing.