Do you receive tax preparation or are you receiving real Tax Planning??? Tax preparation is typically done by an accountant or a CPA. This process involves understanding what deductions you are eligible for or what you can expect to pay the government.
Tax planning is a process that explores advanced planning strategies. This process is normally not done by, nor is it the job of your CPA or accountant. Tax Planning involves doing detailed research in your investments and estate. This research will determine what type of tax strategies could be implemented over time to save you, your spouse and your family thousands if not hundreds of thousands in tax dollars.
So who is responsible for this advanced planning???? A good financial advisor will guide you through every aspect of your retirement planning. This type of advising demands an exclusive clientele so that your specific needs are fully uncovered. A good advisor is a true fiduciary who is interested in guiding you through every aspect of retirement, rather than just gathering assets. Examples of this are: investment allocation, tax planning, tax-free income options, long term care, Estate Planning, etc.
Working with the right advisor is extremely important, as we all only have the opportunity to retire ONCE! Michael D. Wall, of Wall Financial Group, has assisted many clients with these advanced strategies and they have saved significant amounts of money in taxes. His motto is, "It's your choice who you give your taxes to...either the government or your family." With some good planning you will never avoid taxes altogether, but you can avoid unnecessary tax burden with proper planning.
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