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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

  • I WAS AMAZED!

    “The Willingham Law Firm created our trusts for our children. I was amazed at how simple he made the process. ”

    Curt Webber

  • Taylor and his team have been invaluable assets to me.

    “Taylor and his team have been invaluable assets to me. Taylor has a way of taking complicated subjects and breaking them down to something tangible and simple to work through. Rachelle might be the most helpful person ever! She has been great in explaining and teaching. Highly recommend the firm!”

    Brad Barton

  • Mr Willingham and his staff were more than competent, They were friendly and they treated us with a great deal of respect.

    “My wife and I went to discuss having wills drawn. Mr Willingham and his staff were more than competent, They were friendly and they treated us with a great deal of respect. We did not have a great deal of money or assets but they spent the time needed to make us feel comfortable. Besides that Mr. Willingham explained the 4 documents that were the most important to us in our situation, gave us very sound advice on protecting the assets we have. It was a great experience. They really understand Elder law and what is important to those of us getting on in years.”

    Ron Ramsey

  • Taylor Willingham actually helps set up estate planning and wills so there will not be any legal wrangling over estates when the time comes.

    “Was surprised (in a good way) to see how Taylor Willingham actually helps set up estate planning and wills so there will not be any legal wrangling over estates when the time comes. Too many lawyers want to to set up wills so there is still plenty of billable hours for them at probate. A very refreshing change!”

    David Quisenberry

  • Taylor Willingham is an excellent, knowledge attorney.

    “Taylor Willingham is an excellent, knowledge attorney. I've used Taylor for my business formation as well as my personal will and trust. I would use him again, have referred him to family and friends, and will continue to do so. Taylor is a trusted and valuable resource that I highly recommend.”

    Courtney Hugghins