No one looks forward to dealing with the Internal Revenue Service (IRS), Franchise Tax Board, or other tax agencies. This is especially true of California residents who face some of the highest combined state and federal taxes in the nation. Luckily, The Goralka Law Firm can help you reduce your overall tax liability, or assist you with your tax audit and litigation needs.
Reducing Your Overall Tax Liability Through Advanced Tax Planning
There's no doubt that paying taxes is unpleasant, but you may be shocked to learn that you're paying more than you legally or ethically owe. With careful planning, you can often substantially reduce your tax liability. Many practioners seek to pull a product or strategy off the shelf. A better approach is to carefully analyze the client's situation in order to identify current and long-term goals only then can you identify the best strategy to minimize tax in conjunction with the client's current and long-term goals. The Goralka Law Firm works with lottery winners, business owners, investors, and individuals with high-income events such as lawsuit verdicts to minimize the associated income tax. Some of the many strategies we can implement include but are not limited to the following:
- Capital gains bypass trusts
- Charitable lead annuity or remainder trusts
- CRAT, CRUT, NIMCRUT
- Pooled income funds
- Two-year installment sales
- Intermediated sales
- Private foundations
- Family corporations
- Conservation Easements
- Qualified Plans
- Monetized Installment Sale
- Installment Sale Trust
- Delaware Statutory Trust
- Donor Advised Fund
- Pooled Income Fund
- Using Private Placement Life Insurance (PPLI) plans to defer taxes
- Creating tax-advantaged investments with enhanced retirement account contributions
- Structuring ownership to prevent increases in property tax on California real property from transfers to family members or even third parties
The greater your assets, the more likely it is that you'll need to incorporate multiple strategies to reduce your tax liability. In many cases, advanced tax planning overlaps with estate planning as a way to ensure the long-term financial security of your loved ones. Business owners may also find that additional tax planning steps are necessary, such as using S corp status to reduce employment taxes.
Providing Experienced Tax Audit and Litigation Representation
Receiving notice of an impending tax audit or litigation is a stressful experience, but The Goralka Law Firm can ensure your rights are protected throughout the process. We represent clients on substantial matters before the Internal Revenue Service, California Franchise Tax Board (FTB), the Employment Development Department (EDD), and the California State Board of Equalization (BOE).
Skilled legal representation is vital in serious tax matters—don’t put your financial future at risk by attempting to resolve these complex issues on your own. Attorney John Goralka has passed the uniform certified public accounts (CPA) examination. Before opening his practice, he was an Income Tax Auditor and Hearing Officer with the California Franchise Tax Board. This practical experience makes him uniquely qualified to handle your tax-related legal needs.
We're Here to Help With Your Taxation Concerns
Whether you're worried about high taxes affecting your future financial security or need assistance with issues related to an impending audit or litigation, The Goralka Law Firm is here to help. The sooner you contact us for assistance, the more options you'll have for successfully addressing your concerns.
Attorney John Goralka is certified by the State Bar of California's Board of Legal Specialization in both Taxation Law and Estate Planning, Trust, and Probate Law. There are only a handful of attorneys within the state who have earned these dual certifications, which means that The Goralka Law Firm is well-equipped to handle any tax-related questions or concerns you might have.
Contact us today to schedule a consultation. The Goralka Law Firm serves clients in the Greater Sacramento area and throughout California.