Taxation Assistance in Jefferson, Saline, Gage, Johnson, & Lancaster Counties
Nobody enjoys paying taxes, but dealing with the IRS is an unfortunate fact of life. Managing even the most straightforward of tax returns can often be a frustrating experience. If you have especially complicated circumstances or a considerable number of assets, you will likely benefit from a combination of financial and legal advice.
At Lepant Law Office/Schwab and Lepant, we help clients from all sorts of financial backgrounds navigate and resolve tax issues. Our Beatrice taxation lawyers have decades of legal experience and emphasize transparency, communication, and results. From offers in compromise to mitigating the impact of federal estate taxes, we understand how to effectively approach a wide range of tax scenarios. After carefully assessing your unique situation, we can walk you through all of your options and recommend the most advantageous course of action. Our goal is to minimize your tax liability and exercise all available tax reduction strategies.
Contact us online or call (402) 969-6199 to schedule a free initial consultation. Flexible payment options are available, and we offer our legal services in English and Portuguese.
Types of Tax Matters We Handle
Relying on the insufficient, nonspecific guidance of tax software may not be enough to help you optimize your return. When you come to Lepant Law Office/Schwab and Lepant, you will receive the full attention of our legal team, who will meticulously review your financial circumstances and offer knowledgeable guidance.
Our Beatrice taxation attorneys are prepared to assist you with matters involving:
- Federal and State Income Taxes. By April 15 each year, citizens of the United States are required by law to file their income taxes at the federal and state levels. Some citizens are not necessarily required to file taxes due to extenuating circumstances, but you should assume you have to file until told otherwise by a tax professional. Filing late (without requesting an extension) will almost certainly result in the assessment of late fees and accumulation of interest, so you should make every effort to file on time. We can help you prepare all elements of your state and federal returns, including the sections detailing your income, deductions, tax credits, and special considerations. Depending on your income, filing status, and allowances, you may be entitled to a refund from the IRS. We will always leverage tax rules to maximize your refund and minimize what you owe. Our team can also assist you with tax returns for probate estates and trust estates, as these entities must pay income tax on any money earned while an estate is open.
- Federal Estate Taxes. As of 2022, if your estate’s total value exceeds $12,060,000, it will be subject to punishing federal estate taxes upon your death. However, there are several strategies that can be used to reduce the value of your taxable estate and thereby avoid federal estate taxes. Our Beatrice taxation attorneys can assist you with taking advantage of tax-free gifts, charitable donations, family limited partnerships, irrevocable life insurance trusts, and other proven approaches.
- Nebraska Inheritance Taxes. Nebraska is unfortunately one of the few states that continues to impose an inheritance tax. This means that your loved ones may need to pay taxes on the value of assets they inherit from your estate after you pass away. Your surviving spouse is exempt from the inheritance tax, no matter how much their inheritance is worth. Any assets left to charitable organizations are also typically exempt. Immediate relatives, including parents, siblings, grandparents, children, and grandchildren, must pay 1% after $40,000. Other relatives (such as aunts, uncles, nieces, and nephews) pay 13% after $15,000. Any person or organization that is not a relative or charity pays 18% after $10,000. Residents of Nebraska should proactively tailor their estate plans to account for the state’s inheritance taxes. If you received an inheritance from a Nebraska resident and are confused about how it impacts your tax return, our team can help.
- Capital Gains Taxes. When you sell an investment, you must pay taxes on any profit you earned. Short-term capital gains are treated as ordinary income and will be taxed accordingly. A profit is considered a short-term capital gain if you held the asset for less than one year. If you hold an asset for longer than one year, any profit from a sale will be taxed at the applicable capital gains tax rate, which will depend on your income bracket.
- Offers in Compromise. You cannot ignore tax debt or eliminate it through bankruptcy. Interest will continue to accumulate the longer you wait to work with the IRS, and the government may eventually move to garnish your wages or seize other assets if you do nothing. It is therefore in your best interest to deal with the debt as quickly as possible. If you are experiencing financial hardship and have no means of paying what you owe, you may qualify for an “offer in compromise.” This is a negotiating tool in which you in essence offer to “settle” your debt for less than what you actually owe. The settlement offer should be tied to what you can afford to pay, and you should assume the IRS will heavily scrutinize your financial circumstances to confirm you are being truthful. The IRS is not required to accept an offer in compromise, but they may agree to settle your debt if they are convinced that they will be unable to collect the full amount, meaning your proposal represents a best-case scenario for the agency. The IRS may also accept an offer in compromise if requiring you to pay the full tax bill would result in an undue hardship. Our Beatrice taxation lawyers can help you prepare Form 433-A, the document that proposes an offer in compromise, and assist you throughout the negotiation process.
Are you worried about filing your taxes or mounting tax debt? Discuss your situation with our team by calling (402) 969-6199 or contacting us online.