Tax planning is a crucial part of designing effective legal strategies for real estate owners and investors. Although it is important to keep non-tax objectives in mind, tax planning should inform most legal decisions.
When setting up a new business, it is important to choose an entity with a tax classification that meets the owner’s deeds. Choosing the right type of entity can help save taxes and streamline business operations.
With the double taxation regime that applies to C corporations, passthrough entities like LLCs, partnerships and S corporations are often the best choice. Because LLCs can elect to be taxed under any of these regimes, we recommend LLCs for most businesses.
All corporations are taxed as either subchapter C corporations or subchapter S corporations. Use the links below to find out more.
LLCs are taxed as partnerships or sole proprietorships by default, but can elect to be treated like corporations. Use the links below to find out more.
The rules governing taxation of nonprofit organizations include pitfalls for uninformed nonprofit directors. use the links below to find out more.