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Formal Tax Planning

Formal Tax Planning

Clients come to me all the time and ask me “what should I be investing in these days”? While I used to hold my series 7 and 63 licenses and offer investment advisory services, I tell them that I don’t do that anymore; but, why not may your next investment a formal tax plan.

At Joseph F. Fragnoli, CPA, PC in Nashville, TN, through our affiliate Pinnacle Tax Planning Services, Inc., we offer formal tax planning services where we guaranty our prospects that we will design a plan that will return a multiple on the retainer cost (based on projected tax liability) or we will return their money. I personally will determine whether or not a prospect is a candidate or not, and if one is a candidate, we will prepare a tax plan with multiple strategies based upon current year projections, personal financial requirements and objectives, liquidity considerations and historical considerations. This formal (and I emphasize formal as this is not just a tax projection and some quick ideas) plan will outline the strategies, tax law considerations, projected tax benefit results and implementation processes. Once we have determined the projected tax savings, I will discuss them with the client and the general nature of the plan. If the client does not like what he or she hears, we return the fee. If they like what they hear, we deliver a packaged plan document and begin the implementation process. So, when asked where should my next investment go, I ask, “how would you like to make an investment where you can return 300% or much more on the investment through tax savings for 2015 and possibly into the future”.

It is important to stress here that formal tax planning is very different than the tax planning that most taxpayers have experienced. It is not just sitting down and crunching numbers, projecting tax liability and giving the client a few tax savings ideas. It is the process of reviewing the taxpayer’s full financial picture and objectives at both the personal and business level, inputting the information into our state of the art planning software and then generating a complete plan that works within the total framework of the taxpayer’s financial situation. Once the plan has been reviewed and the strategy options considered, and implementation program is put into place.

If you want to consider to make your next investment a formal tax plan, please feel free to call us at (615) 678-4751 or (615) 513-5522.

While we are in the summer season, here is a free simple small tax strategy: if you own a vacation home and have friends who would like to rent it out, consider renting the property for up to fourteen days with the rental income being tax free.