Accountancy Resources
No one gets true “tax planning” in March or April. You get it the rest of the year, when there is still time to make moves that save money based on your personal circumstances.
Once you have hired a tax advisor, the best way to build a relationship starts when tax season ends, and you can sit down for a chat about positioning yourself and your family for the future. Make it a point to call for advice whenever taxes play a role in your other money-management decisions. By seeking out a tax preparer’s counsel at other times of year and involving him or her in decisions you make with your other financial advisors, you turn a “tax preparer” into a “tax planner.”
Because taxes play a role in almost every financial move you make, get your advisor involved, even if it’s just a precautionary phone call just to make sure you understand the rules, or that you set aside the information that, because of trading or strategy shifts, will be necessary next year at tax time.
Knowing what the advisor will want to see come tax season will help you prepare and reduce the frustration level when you need to work on your return.
Over time, you may want to introduce your tax advisor to your broker, financial planner, or estate planner; the more involved your tax preparer is during the decision-making process, the more he or she can help you plan, rather than just cleaning up mistakes come tax time.
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