In the field of tax law, maintaining awareness and taking proactive steps are crucial for protecting financial health, particularly in light of the new tax regulations set to take effect in 2024. Attorney at Law Lance R. Drury, a distinguished tax resolution attorney and the founder of the Law Office of Lance R. Drury, provides invaluable advice to circumvent common errors that could adversely affect your tax savings this year.
Drury has been a fixture in the legal community since 1984, with a focused practice on tax resolution since 2006. His offices in St. Louis, Ste. Genevieve, and Nashville serve as hubs for his dedicated pursuit of resolving IRS disputes, while his newest office is opening this year in San Antonio, TX.
Drury’s academic journey, including degrees in Political Science, Economics, Law, and Business Administration, underpins his comprehensive understanding of tax law. Since his private practice inception in 1994, Drury has become a respected name in federal tax resolution, backed by affiliations with well-known organizations and a client-first approach to tax disputes.
His methodical process begins with a personal interview, emphasizing a tailored strategy for each client. This approach, coupled with his negotiation skills and commitment to securing favorable settlements, showcases his dedication to his clients’ financial well-being.
Drury’s insights into the industry reveal his commitment to providing a trustworthy, effective alternative to larger, impersonal firms. His expansion plans and media recognitions, including his contribution to “Protect and Defend,” further highlight his standing as a leading tax law expert.
With this deep understanding of Drury’s expertise and his commitment to personalized, effective tax resolution, we can now explore the specific mistakes he advises against in the context of 2024’s evolving tax regulations.
Mistake 1: Neglecting to Educate Yourself on Tax Changes
“Tax laws are constantly evolving, and 2024 is no exception,” Drury advised. “It’s imperative to stay informed about these changes. A lack of knowledge can lead to missed opportunities for tax savings or, worse, costly errors. I encourage everyone to do their research or consult a professional to understand how these changes affect their specific situation.”
This guidance reflects Drury’s dedication to enhancing client knowledge, a fundamental aspect of his method in resolving tax disputes. Understanding the nuances of tax law changes can be daunting, yet it is vital for making informed decisions. Whether it’s changes in tax brackets, introduction of new deductions, or alterations in business tax policies, each aspect can have significant financial implications.
Mistake 2: Overlooking the Importance of Regular Payments
Drury emphasizes the significance of consistent financial planning.
“Paying your taxes monthly, rather than waiting for year-end deadlines, can significantly reduce stress and the risk of accruing penalties. It’s about staying ahead of the game and managing your tax obligations in manageable increments,” he said.
This approach aligns with Drury’s belief in proactive tax management, aiming to provide clients with tranquility and financial security. Regular payments can also assist in better cash flow management and prevent the shock of a large lump-sum payment. It’s a strategic way to handle finances that can also offer psychological benefits, reducing the anxiety associated with tax deadlines.
Mistake 3: Ignoring the Potential of Tax Credits and Deductions
Drawing from his extensive experience, Drury highlighted a commonly overlooked aspect: “Many individuals and businesses fail to fully utilize available tax credits and deductions! This oversight can result in paying more taxes than necessary. In 2024, with new tax incentives and adjustments, it’s more important than ever to understand what deductions and credits you are eligible for so you can claim them.”
Exploring this further, Drury’s insight shines a light on the importance of being aware of various tax credits, such as those for education, energy-efficient home improvements, or specific business investments. These credits and deductions are opportunities that can lead to substantial savings.
In summary, Drury’s insights emphasize the necessity of thorough tax planning and the importance of staying informed. As he broadens his practice from Nashville, TN to San Antonio, TX this year, his commitment to offering expert advice remains steadfast.
Remember, steering clear of these mistakes is not merely about saving money; it’s the most effective strategy to secure your financial future in the 2024 fiscal year. Drury’s advice provides immediate benefit as well as a long-term financial strategy that will keep you proactive as tax laws are perpetually evolving.
About The Law Office of Lance R. Drury
The Law Office of Lance R. Drury, founded in 2006, has been a leading legal practice in Ste. Genevieve, Missouri, St. Louis, Missouri and Nashville, Tennessee specializing in tax law matters. With over 35 years of experience, Lance is a nationally-recognized tax resolution attorney providing innovative solutions to IRS tax dilemmas with a team that is dedicated to providing clients personalized and effective solutions for tax planning, dispute litigation, and tax resolutions. For more information, please visit https://www.lancedrurylaw.com/
