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Business Tax Consulting The Willingham Law Firm, PC

Business Tax Consulting

Reduce Your Tax Payments with Our Firm’s Help

At 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 obligation.

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.

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 today.

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.

Recent Reviews
From Satisfied Clients

  • Their firm is knowledgeable and professional. It's always a pleasure working with them.

    “I work with the Willingham Law Firm exclusively for Estates and Elder law clients. As an Estate Planning attorney in Arizona it is important to have a network of trusted attorneys around the country to refer my clients to for their out-of-state legal needs. The Willingham Law Firm has stepped up many times and both myself and my clients have been very pleased. Their firm is knowledgeable and professional. It's always a pleasure working with them.”

    B Rodgers

  • Taylor and his office are exceptional

    “Taylor and his office are exceptional. I am always treated like family. I know the advice is coming from an expert in the field. I have referred all of my friends and family here and they've all had the same experience. Planning is something everyone needs to be prepared for and they make it painless.”

    Elizabeth Hardwick

  • Taylor was wonderful and easy to work with.

    “Taylor was wonderful and easy to work with. He was very quick which was helpful since I brought my baby with me. He was also very straightforward which was appreciated! He gave some suggestions on changing up our life insurance policy while also getting all the information needed to write up our documents. When it comes to protecting my family in times of crisis and hard times, I trust we will be protected because of the work that he puts into helping us plan for the unexpected. He was personable and related to our circumstances because he’s been there. I highly recommend him to everyone!”

    Mariah Sutherland

  • This is the best Law Firm that I’ve known.

    “This is the best Law Firm that I’ve known. The staff is extremely friendly and knowledgeable. I don’t have any hesitation to recommend them to my friends, family or connections.”

    Trevor Budge

  • As a professional, working with the Willingham Law Firm, has been terrific.

    “As a professional, working with the Willingham Law Firm, has been terrific. They are attentive to client needs, and carefully customize each estate plan. Taylor takes time to answer questions and explain the law and concepts to clients in a simple understanding way. One thing I appreciate is that he never talks down to people, and his staff looks for opportunities to help their clients. A truly great law firm that goes the extra mile!”

    Wendell Brock