Tax Planning & Saving Strategies

Tax planning is a proactive roadmap that helps you strategize the best steps to take for your specific tax situation; with the ultimate goal of reducing your tax liability as much as possible when it comes time to file. The ALG Group continuously looks for ways to accomplish this throughout the year by remaining on the pulse of updates to tax laws, tax codes, tax regulations, and related legislation. All while remaining in close contact with you and discussing how to take advantage of tax-related opportunities the moment they arise - not just at tax time when it may be too late to reap the full benefits.

Why It Pays to Work with a Tax Planning Professional

While tax planning can be beneficial to everyone, it is particularly so for those with more sophisticated financial pictures, such as those with interests in pass-through entities (like partnerships or S-Corporations) or trust beneficiaries. These clients tend to have a high net-worth, and many assets that require more complex considerations that run the risk of catastrophe if they are not improperly handled. Working with tax planning professionals like The ALG Group allows you the opportunity seek all eligible adjustments, deductions, and credits ahead of time to take full advantage of their short and long-term benefits in the following areas:

• Income: We continuously monitor changes to tax legislation and their implications on your individual and investment decisions. This is how we help you develop the     most effective yearlong strategy to avoid as much tax liability as is legally allowed.
• Estate: Only about 12% of families successfully transfer their wealth beyond the second generation. Improper estate tax planning is often to blame. We can help to ensure that almost none of wealth you leave behind ends up in the hands of the government, and that most of it is inherited by the people and causes you care about.
• Gifts: Sharing your wealth while you’re alive can help to reduce taxes on your estate, and even income tax in some instances. Popular strategies for gift tax planning are charitable gifts, trust funds, and 529 college savings plans.
• Investment: By pursuing investment opportunities in a tax-conscious manner, we can     help you minimize your overall income tax burden. This can include taking     advantage of tax-exempt securities or timing the sale of capital assets to maximize related tax benefits.
• Retirement Distributions: If you have a traditional 401(k), any distributions you take are taxable. We can help you plan ahead for how and when your savings will be taxed, so you can focus more on enjoying the next chapter of your life. Other things we can help you with in this area include tax planning for social security, pensions, and annuities.

Contact Us Today About Tax Planning for Individuals

The ALG Group is here to help you develop yearlong tax planning strategies to be as prepared as possible for tax season, as well as offer professional advice to protect your estate and investments in the process. It’s our mission to help individuals pay the lowest amount of taxes allowable by law, and help you plan for success by legally reduce your tax liability. Contact us today to get started!

Tax Resolution & Audit Services

The ALG Group has a long-standing track record of experience in the area of tax resolution for individuals. We have helped countless clients save thousands of dollars and reclaim their lives. When the IRS determines that you owe them something such as a large tax bill or back taxes, they will stop at nothing to collect, even if it means ruining many aspects of your life in the process. All letters from the IRS should be taken very seriously, however we want you to know that you are not alone and the problem can be solved! Oftentimes, there are many options for resolution, and The ALG Group is here to help you every step of the way. We have extensive experience navigating all types of tax problems including:

• IRS Audits
• Non-Filed Tax Returns
• Back Taxes Owed
• IRS Liens
• IRS Levies
• IRS Wage Garnishments
• Personal Property Seizures

If you’re experiencing any of the above, we can review your situation and offer a variety of tax resolution services designed to make the process as quick and as painless as possible.
Here are a few examples:

• Offer In Compromise: This is an agreement between you and the IRS to settle your tax bill for less than what you owe. An offer in compromise is generally granted to those who are unable to pay their balance in full or can provide sufficient evidence that an error has been made on their federal tax return, but exceptions have been made albeit rarely. We can help you complete the required documentation for an offer in compromise and approach the IRS on your behalf.
• Michigan Offer In Compromise: As of January 1, 2015, Michigan residents have the ability to negotiate their state income tax debt for less. If you are currently unable to pay your balance in full or can prove with sufficient evidence that amount owed is incorrect, we can help you negotiate a settlement with the state. If you have already been approved for an IRS settlement, the state of Michigan will accept your request for a state income tax settlement.
• IRS Installment Agreement: If you owe back taxes but don’t currently have the money to pay your balance in full, we can help you request an IRS installment agreement. There are five types you can receive based on the amount you owe - each with different terms - and your monthly payment is generally determined by what the IRS thinks you can afford. Keep in mind that penalties and interest will continue to accrue during an installment agreement.
• Bankruptcy: In some cases, declaring bankruptcy may be your best option to completely discharge federal tax debt that you are unable to pay. There are two types of bankruptcy plans - Chapter 7 and Chapter 13. Only income tax debt that is at least three years old and has passed the IRS “240-Day Rule” may qualify for the Chapter 7 plan. You must have also filed a tax return for the debt you wish to be discharged at least two years prior to declaring, and not have committed fraud or willful evasion. Chapter 13 is similar to the former but also offers the additional benefit of also discharging tax liens.
• Innocent Spouse Tax Relief: Married couples who file their taxes jointly are mutually responsible for the taxes owed. If you are now separated but your ex-spouse caused the tax problem, you may qualify for IRS Innocent Spouse Relief to avoid being partially stuck with the liability.
• IRS Penalty Relief: Those who fail to file or pay their taxes on time will be charged penalties by the IRS in order to encourage voluntary compliance, which can be up to 25% of the total amount owed. The IRS can grant penalty relief in certain extreme and unavoidable circumstances such as death, serious injury or illness, financial hardship, natural disaster, incarceration, inability to obtain tax documents, ignorance of the law, or reliance on erroneous advice from a financial professional.
• Injured Spouse Tax Relief: If the person you plan to marry owes back taxes, but you do not, requesting Injured Spouse Tax Relief will ensure that your tax refund is not applied to your new spouse’s tax debt once you are officially married.

Call Us Today About Tax Resolution for Individuals

No one should have to put their goals, plans, and dreams on hold because of tax problems. The ALG Group is committed to setting you straight. We will be with every step of the way; helping you explore your options, develop a solid tax resolution strategy, and complete all the necessary steps to take back your life. Your situation does not define you - call us today to get started!