Is there a “one size fits all” approach to tax planning? No, what works for you and your life may not be the same set of solutions that was proposed to the next business down the street.
Chances are that you’re leaving money on the table with the IRS right now, but there is the danger of attempting to claim too much.
In the fairy tale, the porridge bowl can be too big or too small. Similarly, there are two mistakes that tax professionals make in what they do for their clients.
Too small: The classic, old school approach of being ultra conservative, not taking any remotely risky action, constantly looking over their shoulder and waiting for the big bad wolf of an IRS exam to come and ruin the day.
Too big: The hyperactive, new school approach of making fanciful claims of massive tax savings and then getting clients involved in tax shelters, sham transactions, or other super sketchy schemes. If the IRS catches this, they will actually come and ruin the day, regardless of what kind of fancy documentation the person selling the product has produced.
Our approach is to be strategically conservative and tactically aggressive.
We want to take advantage of all the deductions and opportunities presented to our clients, and we're going to use tactics that we're confident defending, even if it doesn’t always appear to be the safest.
We like to think that our approach to tax planning is just right - minimizing your tax liability and keeping you clear of any issues.
The time is also just right to get your tax plan together - let’s meet.
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Photo by Klara Avsenik on Unsplash