Business Tax Consulting
Reduce Your Tax Payments with Our Firm’s Help
Call (214) 499-9647 to Talk to a McKinney Tax Attorney
The Willingham Law Firm, PC, we believe that every American's tax burden should not exceed what
is legally necessary. Our dedicated and knowledgeable McKinney tax attorneys
have helped clients with an array of different assets and businesses significantly
and legally reduce their tax payments to a minimum. We can help you properly
structure your business and pursue every opportunity to reduce your tax
Our team has taken the time to thoroughly review and understand all of
the implications and effects of the newly signed tax bill signed by President
Trump. In particular, the new tax law will significantly impact any small
business owner who makes more than $100,000 in a fiscal year. If you fall
into this category of business owner, we highly encourage you to
contact us immediately to set up an appointment to talk about how to restructure your business
under the new law and continue protecting your finances.
Our McKinney business tax consultants help clients throughout Texas. Dial
(214) 499-9647 to learn more about our services.
How The Willingham Law Firm, PC can help reduce your tax payments:
- We make a thorough assessment of your business and/or assets.
- We create a plan to legally restructure all of your finances.
- We work with a skilled CPA to implement and file that new structuring.
- We provide you with the resulting, dramatically reduced tax burden.
Ready to start reducing the tax burden on your Texas business? Contact our firm
Trump Administration Tax Changes for Pass-Through Businesses
If you own a “pass-through” business, such as a sole proprietorship,
an S-corporation, a partnership, or a limited liability company (LLC),
the new GOP tax bill will bring big changes to your tax filings. You should
be able to deduct up to 20% of your income earned through your business,
potentially shrinking the tax impact if you belong to one of the higher
tax brackets. Certain business owners, such as legal and medical professionals,
though, will hit into a cap deduction that could be detrimental compared
to previous years. Small business owners that file singly and earn more
than $157,500 will be able to use a different tax filing method that caps
their deduction based on the total amount of wages paid to employees.
All in all, there are significant changes to tax law being ushered in with
the Trump Administration tax bill. You need to know how all of these changes
will affect you and your business. We are capable of explaining everything
in detail and getting your business restructured to minimize your tax
impact, if possible.
How Much Are You Overpaying for Taxes?
Would you estimate that you are losing somewhere between 12% and 15% of
your yearly income in taxes? Most Americans are shocked to learn that
they may be paying up to 30% of their income on taxes. This kind of tax
burden can be limiting and even crippling to the entrepreneurs, families,
and businesses that shoulder it. To illustrate, consider this example
of an average Texas business owner making $100,000 year.
This taxpayer's tax burden can be summarized as:
- Income tax: $13,537.10
- Social Security and Medicare: $15,300.00
- Property tax: $7,620
- Gas and utilities: $750
- Sales tax: $2,475
- Inflation costs: varied
- Fees: $2,625
This hypothetical breakdown results in
a total tax burden of $42,307.10. This amount could even be exacerbated under the Trump Administration
tax laws. At our firm, we believe that this is too much. With our insight
on properly structuring and estates and businesses and input from a skilled
tax preparer, we have been successful in legally reducing our clients'
annual tax payments by upwards of $18,000. Results will vary depending
on the intricate specifics of each case.
Business Formation Attorneys in McKinney Here to Help
The Willingham Law Firm, PC is ready to deliver unbeatable diligence and
attention to detail to work on your finances and yield you the tax savings
you deserve. We offer flat-rate pricing for most business formation and
tax consulting packages and a 10% discount for all veterans of the Armed
Forces. It is just another way that our McKinney business tax consultants
put our clients’ best interests first and foremost.
Get started today by using an online form
to request a free initial consultation.