Tax Services for Attorneys, Lawyers, and Law Firms
Effective tax management for attorneys and law firms requires specialized knowledge and year-round planning, attention, and maintenance. Lescault and Walderman works with attorneys and law firms to provide tax and advisory services, including:
- Partnership and Single Member LLC Tax Services
- Ongoing Tax Planning
- Estimated Tax Payments
- Business and Personal Returns
- Extension Filing
Partnership Tax Services
Our comprehensive tax solutions address the proper role of capital accounts, structuring of transactions, allocation of debts, taxable income and benefits, and the distribution of profits.
We are well-versed in efficient law firm tax monetization strategies, and have the expertise to effectively manage complex formation, allocation and distribution issues related to partnerships and limited liability companies (LLC).
Understanding when and how to prepare and plan for estimated taxes is vital. To avoid penalties from the IRS, we help our clients:
- Make one-time estimated payments on infrequent financial events (such as selling stock or real estate)
- Take advantage of home/apartment office space credits
- Catch up on estimated payment obligations
Year Round Tax Planning
As the tax code becomes more and more complicated, preparing for tax season has become a year-round endeavor. By starting early and employing proven planning practices, we are able to minimize stress and tax burdens come tax time. Following are just a few examples of what we account for that could have an impact on your taxes:
- Capital gains
- Tuition paid
- Medical expenses
- Child care charges
- Charitable donations
- Political contributions
Attorney Tax Returns
As part of our corporate tax planning and preparation services, we are often drawn into the personal aspects of a firm’s partners and consultants. This has allowed us to become proficient at preparing and filing individual attorney tax returns.
We consider and account for industry-specific income and benefit situations, liabilities, investments, and capital gains losses/carryovers. We have the proficiency to effectively handle profit distributions, managing deductions and reporting to ensure compliance and maximize tax returns.
Our tax experts have the specialized experience to maintain compliance and minimize tax liabilities. Contact us today at 866-496-2042 to schedule your free in-office consultation.
Call Lescault and Walderman today at (301) 685-3560 for a free consultation and let us help you minimize your obligations.