an Individual . . . Annual income tax
planning, in and of itself, presents a
number of questions: What can you do to
maximize your income potential? Does the IRS
owe you a refund?
As an Entrepreneur . . . Business owners face a variety of obstacles in
mastering legal, tax, financial, and accounting concepts. The importance of
decisions involving these areas cannot be overemphasized:
New business owners confront numerous questions: How should you establish
your business? Should you incorporate? How do you raise capital? How should you
establish your accounting system?
Independent contractors face these same problems, plus bear the additional
risk of being summarily categorized as an "employee" by the IRS for tax
purposes. What steps can you take to avoid this characterization? What expenses
can you deduct? What records do you need to maintain to substantiate your
deductions? How often do you have to pay your taxes?
Multi-state operations based in Georgia: Is a portion of your income derived
from sales in other states? Are all operations based in Georgia? Is your income
derived from sales of tangible personal property? Did you allocate all of your
sales revenue to the State of Georgia?
A Complicated Process . . . Dealing with tax, financial, and legal
issues is a complicated, confusing, and often intimidating process. Planning
wisely to avoid complications, and understanding your rights if you do encounter
a problem are both important considerations to keep in mind to ensure that you
maximize the utilization of your resources and minimize your liabilities.
Whether you are an entrepreneur, an employee, or a retired individual,
periodic tax, financial, and legal planning is essential to maximize your
current income and to minimize the wealth transfer taxes that your estate may
someday be subjected to.
Estate planning, will and trust preparation, living will preparation, durable
power of attorney, and durable power of attorney for health care: What is the
difference between a will and an estate plan? At what point should you consider
the tax consequences of your estate plan? Is a will even necessary? How does
your health care planning, through the use of a living will, or a durable power
of attorney for health care, affect your financial situation? Have you planned
comprehensively for the unexpected?
ADKINS LEGAL SERVICES can assist you in resolving your outstanding Federal
tax liabilities; income tax liabilities; payroll tax liabilities; etc. The Firm
can also help you resolve your state tax liabilities. Please call the Office,
for a consultation. (The hourly rate is $165)