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- Preparation of Defensible Tax Returns: We emphasize the importance of maintaining thorough and sufficient records to "audit-proof" your tax returns, ensuring they are accurate and defensible.
- Tax Minimization Strategies: We engage in dynamic discussions about tax law changes and how these impact your financial life and family. This two-way educational process allows us to tailor tax strategies effectively to your life's facts and goals, striving for both efficiency and compliance.
- Integration of Tax Strategy: We coordinate your tax strategies with other critical financial aspects, including estate planning, business succession, asset protection, and life goals, ensuring a holistic approach to your financial health.
- Choice of Entity: We provide guidance on the selection and administration of the most suitable entity type for your business endeavors, whether you are starting, managing, growing, transferring, or winding down a business.
- Trusted Advisor Role: As your trusted advisors, we also consider successor agency and personnel issues such as worker classification, compensation, and benefits, ensuring that these align with your overall strategy.
- Balancing Simplicity and Complexity: We maintain a balance between simplicity and complexity in tax planning, taking into account the role of automation and technology in streamlining processes.
- Financial Independence and Retirement: Our consultations also extend to strategies for achieving financial survival, independence, and a secure retirement.
Tax Consultation & Planning
At Lawrence Tax Service (LTS), while we are renowned for our excellence in income tax preparation—a fundamental service that connects us with our clients annually—our strategic focus extends significantly into tax consultation and planning. This aspect of our service is central to our ethos, informed by the wisdom of Judge Learned Hand in Helvering v. Gregory: "Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes." This philosophy underscores our proactive, rather than reactive, approach to tax management.
Throughout our annual engagements, and indeed across the year, we address the following key consultation and planning areas with our individual, business, and fiduciary clients:
