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MCKINNEY TAX LAW ATTORNEY

Reduce Your Tax Payments with Our Firm’s Help

At Willingham Law Firm, PC., we believe that every American's tax burden should not exceed what is legally necessary. Our dedicated and knowledgeable McKinney tax attorneys have helped clients with an array of different assets and businesses significantly and legally reduce their tax payments to a minimum. We can help you properly structure your business and pursue every opportunity to reduce your tax obligation.

Our team has taken the time to thoroughly review and understand all of the implications and effects of the newly signed tax bill signed by President Trump. In particular, the new tax law will significantly impact any small business owner who makes more than $100,000 in a fiscal year. If you fall into this category of business owner, we highly encourage you to contact us immediately to set up an appointment to talk about how to restructure your business under the new law and continue protecting your finances.

How Willingham Law Firm, PC. can help reduce your tax payments:

We make a thorough assessment of your business and/or assets.

We create a plan to legally restructure all of your finances.

We work with a skilled CPA to implement and file that new structuring.

We provide you with the resulting, dramatically reduced tax burden.

Trump Administration Tax Changes for Pass-Through Businesses

If you own a “pass-through” business, such as a sole proprietorship, an S-corporation, a partnership, or a limited liability company (LLC), the new GOP tax bill will bring big changes to your tax filings. You should be able to deduct up to 20% of your income earned through your business, potentially shrinking the tax impact if you belong to one of the higher tax brackets. Certain business owners, such as legal and medical professionals, though, will hit into a cap deduction that could be detrimental compared to previous years. Small business owners that file singly and earn more than $157,500 will be able to use a different tax filing method that caps their deduction based on the total amount of wages paid to employees.

All in all, there are significant changes to tax law being ushered in with the Trump Administration tax bill. You need to know how all of these changes will affect you and your business. We are capable of explaining everything in detail and getting your business restructured to minimize your tax impact, if possible.

PRACTICE AREAS

Business Tax Consulting

How Much Are You Overpaying for Taxes?

Would you estimate that you are losing somewhere between 12% and 15% of your yearly income in taxes? Most Americans are shocked to learn that they may be paying up to 30% of their income on taxes. This kind of tax burden can be limiting and even crippling to the entrepreneurs, families, and businesses that shoulder it. To illustrate, consider this example of an average Texas business owner making $100,000 year.

This taxpayer's tax burden can be summarized as:

Income tax: $13,537.10

Property tax: $7,620

Sales tax: $2,475

Fees: $2,625

Social Security and Medicare: $15,300.00

Gas and utilities: $750

Inflation costs: varied

This hypothetical breakdown results in a total tax burden of $42,307.10. This amount could even be exacerbated under the Trump Administration tax laws. At our firm, we believe that this is too much. With our insight on properly structuring and estates and businesses and input from a skilled tax preparer, we have been successful in legally reducing our clients' annual tax payments by upwards of $18,000. Results will vary depending on the intricate specifics of each case.

Ready to start reducing the tax burden on your Texas business?
Contact our firm today.

EVERY CASE DESERVES CARE & ATTENTION

Read Recent 5 Star Reviews From Our Clients

As a professional, working with the Willingham Law Firm, has been terrific. They are attentive to client needs, and carefully customize each estate plan. Taylor takes time to answer questions and explain the law and concepts to clients in a simple understanding way. One thing I appreciate is that he never talks down to people, and his staff looks for opportunities to help their clients. A truly great law firm that goes the extra mile!

Wendell Brock

I am a Certified Financial Planner and have worked with Taylor Willingham and his team for over 15 years. He as always treated my clients with the utmost respect and care, often giving advice that makes his firm LESS money by offering the simplest and clearest solution available to meet the clients needs. The Willingham Law firm does what it is supposed to: It puts the clients first.

Jeff Reddick

From Attorney Andrea Lewandowski to Legal Assistant EJ Riconalla and the receptionists, everyone we met at Willingham Law Firm, PC, was professional, yet warm-hearted and easy-going. The personal touch made figuring out a will and estate questions reasonably easy; and helped solve several areas of concern. We are so grateful for their expertise in helping us conclude this otherwise dreaded to-do list task. Thank you so much.

Esther Bauer

This was a great learning experience. Each step was explained clearly and if we had questions they were answered in a way we completely understood. There was plenty of time for us to complete our task and we learned an enormous amount of information explained in down to earth terms. We left feeling comfortable that we are in good hands. We strongly recommend Willingham and Galvan to anyone who has legal questions.

Richard Peterson