Chicago Area Business Tax Planning Lawyers
Attorneys Addressing State and Federal Taxes for Illinois Businesses
Taxes are something that every person and business has to deal with. During the course of doing business, a company may need to address multiple different types of taxes at the federal, state, and local levels. Fully understanding the tax consequences of business decisions can help a company avoid unexpected expenses or liabilities, and with the proper planning, a business can minimize its tax burden and avoid financial problems. By working with a business law attorney who understands how the tax laws apply to your company, you can make sure your business will be prepared for financial success.
The Gierach Law Firm, LLC works with businesses to address a wide variety of legal issues and financial concerns. Attorney Denice Gierach has more than 30 years of experience as a business owner, lawyer, and Certified Public Accountant, and she and the team of attorneys at The Gierach Law Firm, LLC can help you understand the best tax strategies for your business. We will work with you to create a plan that will minimize the taxes you will be required to pay and ensure that your company can continue operating successfully.
Addressing Business Taxes
In addition to federal and state income taxes, a business may need to address multiple other types of taxes, including payroll taxes, state and local sales taxes, capital gains taxes, estate taxes, and gift taxes. By understanding which taxes may apply in different situations, business owners can ensure that they comply with all tax regulations while avoiding IRS audits or tax debts.
With the proper tax planning, a business can ensure that its financial interests are protected. Some situations where taxes may need to be addressed include:
- Business formation – When starting a new business, restructuring an existing business, or completing a merger or acquisition, business owners will want to select the right type of business entity that will provide them with the right tax benefits. Owners, partners, and shareholders should be sure to understand whether corporate taxes will apply to income earned by a business or whether they can realize benefits by structuring a company as a pass-through entity such as an LLC or S-corporation.
- Buying or selling a business – The seller of a business should be sure to understand how capital gains taxes may apply to stock and asset sales. A company’s buyer should take steps to establish the right type of business entity and address any other tax consequences related to the purchase.
- Business transactions – Buying or selling business assets, such as products, materials, equipment, or supplies, can affect taxes in a variety of ways. In many cases, the timing of these transactions can play a significant role in a business’s tax exposure.
- Commercial real estate – Business owners should be sure to understand the risks and benefits of purchasing or leasing office space or other real estate property. Our attorneys can help determine the best ways to limit tax exposure and determine the advantages of different options.
- Employee compensation and benefits – Employers may be able to realize a variety of tax advantages by offering retirement plans or other benefits to employees. We can help you determine the tax credits or other advantages that are available to you, and we can ensure that you understand the ramifications of establishing deferred compensation plans or other forms of executive compensation and benefits.
Contact Our DuPage County Business Tax Attorneys
By understanding how the tax laws apply to you and your business, you can create a strategy that will help you minimize your tax burden and protect your company’s bottom line. The Gierach Law Firm, LLC can assist you with tax planning and address your other legal and financial concerns. Contact us today and arrange a consultation by calling our office in Naperville at 630-756-1160 or our office in Hoffman Estates at 847-519-0505.