Know Your Options Before You Pay Those Taxes, in Law360

Lee Polk, Of Counsel in the firm's Employee Benefits practice, in the Chicago office, wrote an article titled "Know Your Options Before You Pay Those Taxes."

Following is an excerpt:

As the dust settles on individuals' 2012 tax filings, the realities of 2013 taxes are becoming more prominent. With Affordable Care Act tax rules and the American Taxpayer Relief Act of 2012 (the fiscal cliff legislation) now taking effect, some taxpayers are facing much higher tax levies.

Individuals heavily impacted include the owners or partners in closely held firms such as law firms, accounting firms, medical and dental practices — and many other businesses, regardless of industry. These tax increases will be substantial for those at higher income levels. This article briefly notes several new or higher taxes and then describes what is probably the best way permitted by the government to avoid them.

The attached file is reprinted with permission from Portfolio Media, Inc.