Tax laws are continually becoming more complex, but careful planning can be used to minimize your federal and state tax liabilities. If you are unable to pay an existing tax liability, your options may include qualifying for a monthly payment plan, negotiating a compromise that allows you to reduce your tax liability to less than the full amount you owe, or even temporarily postponing your obligation to make payments on your tax liability if you cannot afford to do so. Whether your objective is to minimize the federal estate tax liability that will be imposed on your beneficiaries or you are looking for options to resolve your existing tax liability with a state tax agency or the Internal Revenue Service (IRS), the attorneys at the Vitollo Law Firm are able to provide the legal advice and representation you need to minimize your tax liabilities and resolve any existing tax debts.
Estate and Gift Tax Planning
South Carolina does not have a state inheritance or death tax; however, if you have sufficient net worth to be subject to the federal estate tax, there are gifting and planning options available to reduce or eliminate the estate tax that would otherwise be owed. The attorneys at the Vitollo Law Firm can assist you in planning your estate to minimize your estate tax liability using a number of techniques, including use of the annual gift tax exclusion, the estate and gift tax marital deduction, shielding life insurance proceeds from the application of the estate tax, and utilizing creative lifetime gifting strategies.
Whether you are a self-employed business owner who failed to submit estimated tax payments, an employee who did not have taxes withheld, an employer who failed to withhold payroll taxes on your employees, or a taxpayer who has been assessed an additional tax liability as the result of an audit, resolving an unpaid tax debt can be a very difficult and intimidating task. The attorneys of the Vitollo Law Firm are available to represent you and discuss your options in regards to resolving your tax liability, including installment agreements, where you agree to make monthly payments; offers-in-compromise, where you are able to reduce your tax debt to an amount less than you owe; requests for non-collectible status, where you are able to temporarily postpone payments and avoid collection activity; and requests for innocent spouse relief, where you are relieved of the obligation to pay a tax liability attributable to income earned by your spouse.