How Professional Tax Planning Will Help You Avoid These Common Tax Mistakes

Think back to the last time you filed your taxes.  Like most people, you probably paid too much to Uncle Sam this past April as it is better to be safe rather than sorry.  After all, the last thing you want is a punitive audit that chews up your limited time and money.  Instead of overpaying your taxes and stressing out about the process, lean on our Monroe, LA tax planning specialists for assistance, and you will sleep soundly knowing your tax burden has been minimized and your taxes are correct. 

How Professional Tax Planning Will Help You Avoid These Common Tax Mistakes in Monroe LA with Niswanger Law image of woman with her head down on her arms laid over lap top with papers and pen next to her

The icing on the cake is that you will not pay a penny more than necessary in state and federal taxes.  Below, we detail some common tax mistakes our experts can help you avoid with strategic planning performed well ahead of tax day.

Failing to Take Advantage of all Possible Deductions

You or your business in the greater Monroe, LA area might be eligible for a considerable number of significant tax deductions.  However, you might not even be aware of opportunities to minimize your tax bill and ultimately keep that much more money in your pocket.  Meet with our Monroe, LA tax planning attorneys. We will review your taxes from the prior year and your current tax mitigation strategies and identify all opportunities for deductions.  For example, Monroe, LA business owners who take steps to reduce their energy costs and those who buy equipment for business purposes can take advantage of several opportunities for deductions at tax time. 

Adhering to Outdated Tax-saving Strategies

As time progresses, the number of strategies for legally minimizing a person’s tax burden or business increases.  Tax law is dynamic, meaning it is constantly changing, presenting opportunities for the tax planning specialists to implement new tax-saving strategies for clients as time progresses.  If you are using outdated or inefficient strategies to save money on taxes, now is the time to change.  Niswanger Law’s tax planning experts in Monroe, LA, will review your current approach to taxes, highlight areas for potential savings and do everything legally possible to reduce your tax bill once April rolls around.

Assuming the IRS is not Paying Attention

If the IRS has not audited you or your business, do not assume you will not be under the microscope of the federal government’s tax-collecting agency.  The Biden administration is spending $80 billion to ramp up the tax collecting power of the IRS, significantly increasing the chances of an audit.  In particular, Monroe, LA small business owners are that much more likely to be audited due to the new funding for tax audits and collection.  Our tax planning specialists will ensure you sleep soundly without fear of a potentially financially crippling audit.

Niswanger Law is at Your Service

Our Monroe LA business law firm is here to help your business and locals throughout the area with tax planning.  So don’t waste any more time or money with DIY (do it yourself) tax planning.  Our tax planning specialists will help you minimize your tax burden while remaining fully compliant with the nuanced rules of tax law.  Reach out to us today at (318) 953-0071 to schedule an appointment with our business law attorneys in Monroe, LA.  If you would like to contact us online, you can do so by completing our contact form.