The goal of tax planning is to arrange your financial affairs so as to minimize your tax burden. There are three basic ways to reduce your taxes, and each basic method might have several variations:
- You can reduce your income
- Increase your deductions
- Take advantage of tax credits
Retain Legal Services From Bogin, Munns & Munns
Our central Florida tax attorneys can explain in detail the complex state and federal tax laws that affect you and your case. Bogin, Munns & Munns provides comprehensive legal representation. We provide a wide spectrum of Orlando tax services. Our team is committed to serving our clients and providing them with the assistance they need and deserve.
Our tax law attorneys work to ensure your tax matter is handled with the care you should expect from a firm that has been around for over 40 years. With locations throughout central Florida, our attorneys are happy to meet you in the location that is most convenient to you.
Our team tax law employees are committed to aiding Floridians who need help with their taxes. We have won millions for our clients from various fields of law, and have represented Fortune 500 companies. Let us apply our knowledge and resources to your situation.
How our Team Could Help You
We are prepared to help your family through this difficult time. We could do the following for you:
- Inform you of your options
- Tell you about your rights
- Protect your rights throughout the case
- Stand with you in court, if necessary
- Help you file any paperwork
- Compile documents necessary to make your case
- Explain confusing legal jargon or complicated forms
- Identify your deductions and evaluate your assets
Speak with a member of the Bogin, Munns & Munns team today to schedule a consultation with our Florida tax law firm. Call our offices at (407) 578-9696 to set up an appointment.
IRS & Florida Department of Revenue Tax
Tax law is divided into both federal tax and state tax. Federal Income tax became law in 1913 when the Sixteenth Amendment to the U.S. Constitution was ratified. While some states do not have an income tax, all residents and citizens of the United States are subject to federal income tax.
Lowering Your Income
The first way to reduce the taxes you owe is to lower your income. This is, of course, not the result most people want. Planning taxes should save you money in the long run, not force you to earn less!
Increasing Your Deductions
When you fill out your taxes, you need to list your deductions. This is the primary way that many tax law attorneys in Orlando and across the country help their clients avoid unnecessary taxes. For example, you may be able to deduct items like:
- How many dependents you have
- Healthcare expenses
- Items related to your employment
- Student loan interest
- Certain capital losses
Tax law in Florida, as well as federal tax law, is complex. It is highly unlikely that anyone who is not a full-time tax attorney will know all the possible deductions that could apply to their situation. By teaming up with the tax law attorneys at Bogin, Munns & Munns serving Orlando, you can help ensure that you take advantage of all the deductions you are legally owed.
Using Tax Credits
Deductions are used to tally up the amount of taxes you owe. Once you have that number, you can also take advantage of any available tax credits to reduce that amount. For example, tax credits may be allotted by the government to businesses that:
- Dispose of hazardous waste in a certain way
- Develop land in rural areas
- Employ a diverse workforce
- Perform other tasks that are desired by the government
In this way, tax credits act as incentives. There are two kinds of tax credits available to taxpayers: non-refundable credits and refundable credits.
Refundable Tax Credits
If a tax credit is “refundable,” that means you can receive a refund over and above the amount you owe. Let’s say you owe $500 in taxes, but the tax credit you can take advantage of is for $1,000. If it is a refundable tax credit, you would be able to use it to cover the $500 you owe and pocket the additional $500!
Non-Refundable Tax Credits
On the other hand, non-refundable tax credits only cover what you owe. In the above example, if the tax credit was non-refundable, it would cover the entire $500 you owe, but you would not receive any additional money.
At Bogin, Munns & Munns, we have Orlando tax law lawyers on our team who know the tax credits available to you and can advise you on how to use them for your specific situation.
The Types of Cases We Handle in our Tax Law Practice
The more assets that an individual owns, unfortunately, the more complicated the tax law becomes. Our Florida taxation attorneys can explain in detail the complex state and federal tax laws that affect you and your case.
The tax attorneys at Bogin, Munns & Munns provide taxation help and representation for:
- IRS / federal income tax cases
- Estate & gift tax cases
- State statutes dealing with taxation
- Corporate taxation
- International taxation
- Florida Department of Revenue cases
Visit One of our Offices
We are not one of those firms that limit themselves to one or two locations. If you are in Central Florida, you can visit us at any of our 13 locations. Based in the heart of Orlando, we have the skills and knowledge necessary to help you ease your tax burden and save money.
If you’re ready to save money and avoid additional taxes you shouldn’t have to pay, we can help. Call us today!
Talk to an Orlando Tax Law Lawyer’s Firm Today
If you have questions or concerns about your tax situation, get help from the Orlando tax law attorneys at Bogin, Munns & Munns today. Call our office or fill out the form on our contact page, and one of our representatives will be in touch as soon as possible.
We want to hear about your circumstances so we can help you and your family or business. Retain the services of our team today.