You pay too much in income tax! If your idea, or that of your tax compliance professional, of tax planning is to project your current year income and make a few suggestions to increase expenses or fund your IRA, you are not undertaking true income tax planning. We at Joseph F. Fragnoli, CPA, PC and our affiliate company, Triumph Wealth Management & Consulting, Inc. (http://www.triumphwealthmanagement.com) in Nashville, Tennessee focus on sophisticated real tax planning services.
True, or complete, tax planning is a lot more than the process of looking at your projected income for the year and then making a few basic suggestions to reduce your income and ultimately your income tax. While this is has some effect and is included in our process, true tax planning is a lot more in-depth than that. We treat tax planning similar to financial planning. We go into a far more in-depth interview process, looking at multiple years’ returns, discuss certain financial objectives and then perform complex analysis of the gathered information. We utilize strategies frequently overlooked by other tax professionals and we look at complex and sophisticated retirement plans, benefit packages and other devises to shift income and assets from taxable to tax deferred or tax exempt categories.
When was the last time you sat down with your tax professional and discussed your prior year tax returns, personal and business? Have you discussed the tax implications of your investments and financial planning strategies? Have you discussed your business strategies, rental property considerations, retirement plans and other alternative investment programs? Almost all areas of your financial life and personal living costs have tax implications and it is amazing what can be done in all areas that can impact your income tax liability. Simple recommendations and small changes can reduce your tax liability thousands of dollars. But, these recommendations can not be considered unless the tax professional engages in a serious interview and utilizes sophisticated tax planning tools like we do at our Firms.
Proper tax planning is a lengthy process and can have huge rewards. In fact, we are so confident in the reward for planning, our fees are based upon the projected returns from the plan. In fact, we are so certain of your satisfaction in the work we do, that we will refund the retainer collected at the start of the process if you are not completely satisfied with the presented plan. Engaging us for tax planning services will be one of the best, if not the best, investments you will make this year.
If you are interested in engaging our Firm for tax planning, tax compliance or other accounting and planning services, you can reach us at (615) 678-4751 or reach out to me a firstname.lastname@example.org.