Tax minimization has become all the more important with the new federal tax law. Pass-through businesses and corporations can both benefit from the new statute and anticipated regulations.
We can help businesses minimize income taxes.
- Partnerships can allocate profits in a way that is not necessarily proportional to capital contributions and ownership interests, thereby providing businesses with flexibility in partnership taxation.
- S-corporations have the benefit of flow through taxation, but also are subject to restrictions on who can be a shareholder, meaning one disqualified shareholder can result in loss of S-corporation status.
- Corporations have lower tax rates, but are subject to double taxation.
How will the new tax law affect your business?
In the world of estate planning, the name of the game is now income tax planning. Flagship Law can help you improve your estate plan outcomes with careful planning to minimize income tax for you and, perhaps even more importantly, for those who inherit your assets.