Tax planning needs to begin NOW!! I can’t emphasize enough to my clients and prospects the necessity to begin the process of developing a tax plan for 2016 and tying it into a financial plan now. Don’t wait until November or December to do the planning. That is what I call tax projecting and then just spending money to bring down the tax liability. The tax plan should incorporate much more detailed strategies in the process.
At Joseph F. Fragnoli, CPA, PC we utilize a number of planning strategies that are frequently overlooked by others in our profession. Tax planning is a skilled art that requires a creative mind and utilization of sophisticated planning software. We have dedicated a significant portion of our practice to the planning process, and have done so with some terrific results. But, one of the biggest keys to the success was early planning and with proper implementation. Too many people wrap up all the compliance work, taxpayers and tax preparers alike, and then they forget about taxes until much later in the year. This is a critical error. We are now nearly a third of the way through the year and some of the strategies require as much time as possible to maximize the financial impact.
I was speaking with a prospect the other day and he asked me about the general thought process behind tax planning. I told him “the objective is to move as many expenditures from the use of after tax dollars to the use of pre-tax dollars and gaining as many tax deductions as possible for just shifting money from one bank account to another bank or investment account”. That is an over simplification of the objective; but, it gets the point across.
If you are interested in tax planning now, please give us a call at (615) 678-4751. Please note, our fees are based upon projected results and if you don’t like the general plan, we will refund your money.