At Beinhaker Law, we understand that federal tax planning is a critical component of financial success. Whether you are an individual taxpayer, business owner, or estate planner, navigating the complexities of federal tax law requires expert legal and financial strategies to maximize tax efficiency while ensuring compliance with IRS regulations.
Our team of experienced tax attorneys and our relationships with skilled financial professionals provides customized tax planning solutions to help clients legally minimize tax liabilities, protect their assets, and optimize their financial future. With federal tax laws constantly evolving, having a team that stays ahead of legislative changes is essential to securing tax-saving opportunities and avoiding potential penalties.
While we are admitted to practice in New Jersey and New York, we provide federal tax planning advice and representation in all 50 states but we do not provide state or local representation in other states. If local counsel is needed, you will be directed to seek out such professionals. We may be able to obtain local referrals through our professional networks.
New Jersey Federal Tax Planning Lawyer
Comprehensive Federal Tax Strategies
Understanding and leveraging federal tax laws can significantly impact financial stability, but without expert guidance, taxpayers may end up paying more than necessary or facing IRS audits and penalties.
Federal Tax Planning Services
1. Tax Deferral Strategies
Tax deferral is one of the most effective methods to manage tax liabilities because it allows individuals and businesses to delay tax payments, improving cash flow and reinvestment potential.
Retirement Account Contributions
Maximizing contributions to tax-advantaged retirement accounts such as 401(k)s, traditional IRAs, and Roth IRAs can significantly reduce taxable income while allowing funds to grow tax-free or tax-deferred.
1031 Like-Kind Exchanges for Real Estate Investors
Real estate investors can defer capital gains taxes by reinvesting the proceeds from the sale of an investment property into a similar property. This strategy enables investors to expand their portfolio without immediate tax consequences.
Installment Sales for Asset Sellers
Selling assets through installment sales allows taxpayers to spread income over multiple years, reducing immediate tax burdens and ensuring a more stable cash flow over time.
Deferred Compensation Plans for Business Owners and Executives
Business owners and executives can utilize non-qualified deferred compensation plans to delay receiving a portion of their income, allowing taxation to occur at a lower future rate while increasing retirement savings.
Why is Tax Deferral Beneficial?
Allows capital to grow tax-free for longer periods.
Reduces taxable income in high-earning years.
Enhances liquidity and investment opportunities.
2. Tax Reduction and Elimination Strategies
While tax deferral is valuable, tax reduction and elimination strategies provide opportunities to permanently lower tax obligations.
Maximizing Tax Credits
Federal tax law provides numerous tax credits that can significantly lower taxable income. Some of the most valuable credits include:
Research & Development (R&D) Tax Credit for businesses investing in technological and product innovation.
Energy Efficiency Tax Credits for companies and homeowners implementing renewable energy solutions such as solar power installations.
Charitable Giving for Tax Benefits
Individuals and businesses engaged in philanthropy can reduce taxable income through donor-advised funds (DAFs), charitable remainder trusts (CRTs), and private foundations. These structured charitable giving strategies allow taxpayers to support causes they care about while enjoying tax savings.
Qualified Small Business Stock (QSBS) Exclusion
Investors who meet IRS requirements can exclude up to 100% of capital gains on the sale of qualified small business stocks if held for at least five years, offering significant tax relief for entrepreneurs and investors.
Why is Tax Reduction Important?
Helps retain more income legally.
Increases available funds for investment and business growth.
Maximizes tax incentives specific to personal and business activities.
3. Estate and Gift Tax Planning
Without proper planning, estate and gift taxes can significantly impact the wealth transferred to future generations. Beinhaker Law offers comprehensive estate tax planning services to protect assets and minimize tax exposure.
Trust-Based Planning for Wealth Protection
Establishing irrevocable trusts, grantor retained annuity trusts (GRATs), and charitable remainder trusts (CRTs) ensures that assets are preserved while minimizing estate taxes. These structures allow families to pass wealth on to heirs with reduced tax burdens.
Annual Gifting Strategies
The IRS allows individuals to gift up to $17,000 per recipient per year (as of 2024) tax-free. By strategically gifting assets over time, families can transfer wealth efficiently while reducing their taxable estate.
Family Limited Partnerships (FLPs) and LLCs for Asset Protection
Business owners can structure their holdings using FLPs and LLCs to reduce estate tax liabilities and safeguard assets for future generations.
Why is Estate Tax Planning Crucial?
Helps reduce or eliminate estate taxes.
Ensures family wealth is protected for future generations.
Avoids unnecessary probate and legal complications.
4. Business Tax Planning and Structuring
For business owners, proper tax planning ensures financial stability, compliance, and profitability.
Choosing the Right Business Entity
The choice of business entity—S-corporation, C-corporation, partnership, or LLC—can have major tax implications. We help clients structure their businesses for maximum tax benefits and reduced liabilities.
Maximizing the Qualified Business Income (QBI) Deduction
Under Section 199A, many pass-through business owners can deduct up to 20% of their business income, significantly lowering their tax obligations.
Employee Benefit and Retirement Plans
Implementing tax-advantaged employee benefit programs not only provides valuable tax savings but also helps businesses attract and retain top talent.
Why is Business Tax Planning Essential?
Reduces tax burdens while ensuring compliance.
Increases net profits through strategic tax structuring.
Maximizes deductions and available tax incentives.
Recovering Financial Losses Due to IRS Errors
In cases where clients have suffered financial losses due to IRS errors, overpayments, or incorrect tax assessments, we take the necessary legal steps to recover lost funds and secure fair treatment. By filing refund claims, requesting penalty adjustments, and appealing unjust tax assessments, we help our clients regain financial stability.
At Beinhaker Law, we are committed to fighting for fair tax treatment and ensuring that our clients’ rights are fully protected throughout the tax dispute resolution process.
Why Choose Beinhaker Law for Federal Tax Planning?
At Beinhaker Law, we are committed to providing exceptional federal tax planning services tailored to the needs of individuals, business owners, and families. Our expertise in tax law, compliance, and financial strategy allows us to create customized solutions that help our clients minimize tax liabilities while ensuring full compliance with IRS regulations.
Experienced Professionals with In-Depth Knowledge
Our team has extensive experience in federal tax regulations, business tax planning, estate tax strategies, and IRS compliance. We work alongside top tax professionals, including CPAs, financial planners, and tax strategists, to develop and implement advanced tax strategies. By staying informed about legislative changes and tax policy updates, we ensure that our clients receive cutting-edge tax planning solutions that align with the latest regulations.
Tailored Tax Solutions for Every Client
Every financial situation is unique, and at Beinhaker Law, we recognize the importance of customized tax strategies. Whether you’re an individual seeking estate tax planning, a business owner looking to optimize corporate tax structuring, or an investor interested in capital gains deferral techniques, we tailor our approach to your specific needs. Our goal is to maximize tax savings while maintaining full IRS compliance, ensuring that you take advantage of every available tax benefit.
Proactive Tax Planning to Stay Ahead
The tax landscape is constantly evolving, with new regulations and tax-saving opportunities emerging regularly. Our firm takes a forward-thinking approach, staying ahead of tax law changes and economic trends to provide clients with the most up-to-date strategies available. By anticipating shifts in tax policy and legislation, we help clients make informed decisions that position them for long-term financial success.
Comprehensive Legal and Tax Expertise
Effective tax planning requires a holistic approach that integrates legal, financial, and tax perspectives. At Beinhaker Law, we provide comprehensive services that align with our clients’ long-term financial and business goals. Whether you need guidance on tax deferral strategies, reduction techniques, estate planning, or business tax structuring, our firm offers a full spectrum of legal and tax advisory services to ensure optimal results.
Contact Beinhaker Law Today
Navigating federal tax law requires proactive planning and expert legal representation. Beinhaker Law provides customized tax planning, IRS compliance assistance, and dispute resolution services to help individuals and businesses maximize tax savings and financial security.
Excellent attorney! Mitch is not only competent and easy to work with, but is also warm and compassionate. Mitch has vast knowledge and understanding of business law and came through when we needed him most. Highly recommend - one of the BEST around!
Dianna K
My wife and I both own small businesses which require periodic legal help and advice. Mitch and his firm have been there for us every step of the way. From contracts to legal disputes, Beinhaker Law has been a terrific resource.
Ron Potesky
Mitchell methodically led me through the legal and bureaucratic tangle of selling a property. He kept me informed as the process proceeded and made sure I knew what needed to be done on my part. I will be working with him again on other legal matters.
Tony Gruenewald
Mitch helped me negotiate a commercial lease and I was extremely happy with the results. He was extremely responsive, understood my needs, but also built a good rapport with the other side. I would highly recommend his services.
They say that taxes are voluntary. Basically, this means that you are allowed to plan and position your assets, in accordance with the tax code and related IRS rulings to minimize the taxes you pay on your income, on the sale of your assets and on your estate. Tax planning is this process and advanced tax planning employs strategies to minimize taxes on the sale of large capital assets and for high income earners.
Is it legal to defer taxes using these strategies?
Some strategies are based on written sections of the tax code such as 1031 real estate exchanges or charitable planning. Others are based upon a more abstract reading of IRS regulations, private letter rulings and legal decisions. For those more “aggressive” strategies, you should always obtain a written legal opinion to support your position in the case of an audit or other contests by the IRS or state authorities.
Is it costly to use these techniques?
Costs vary from strategy to strategy and some strategies do not make financial sense unless you are deferring $500,000 or more in tax. We are always available to have a case-specific discussion and do some preliminary calculations to help you with your decision-making.
What is federal tax planning, and why is it important?
Federal tax planning is the process of developing strategies to minimize tax liabilities while remaining compliant with IRS regulations. Effective tax planning helps individuals and businesses reduce their overall tax burden, improve cash flow, and ensure financial stability by leveraging tax deductions, credits, and deferral techniques.
How can I legally reduce my federal taxes?
There are several ways to legally reduce federal taxes, including maximizing deductions and credits, contributing to tax-advantaged retirement accounts, utilizing tax deferral strategies, and structuring business entities for optimal tax treatment. Charitable giving, cost segregation studies, and estate planning techniques such as trusts and gifting strategies can also help minimize taxable income.
What should I do if I receive an IRS audit notice?
If you receive an IRS audit notice, it is essential to respond promptly and gather all relevant financial documents, including tax returns, receipts, and records of deductions and credits claimed. Seeking professional representation from a tax attorney or CPA can help ensure a smooth audit process and minimize the risk of additional penalties or adjustments.
What is an Offer in Compromise, and how do I qualify?
An Offer in Compromise (OIC) is an IRS program that allows taxpayers to settle their tax debt for less than the full amount owed if they can demonstrate financial hardship or inability to pay. Qualification for an OIC depends on factors such as income, expenses, assets, and overall financial situation. The IRS considers whether the amount offered is the most they can reasonably expect to collect within a reasonable period.
How does a 1031 exchange help defer capital gains tax?
A 1031 exchange, also known as a like-kind exchange, allows real estate investors to defer capital gains taxes by reinvesting the proceeds from the sale of an investment property into another similar property. By following IRS guidelines, investors can continue growing their real estate portfolio without facing immediate tax consequences, provided the replacement property is identified and acquired within specified time frames.
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