Tax planning to most CPAs is really what we call year end planning that is sometime in November or December they project the amount of taxes you will owe for the year. They may even make a suggestion about your final quarter estimated tax payment and your contribution to a retirement plan. This is not tax planning at least not to us.
Our approach to tax planning is very different and it comes in two parts. First we work with you to create a customized tax strategy for you. Next we meet with you on a quarterly basis to keep you and your taxes on track. We call these on going meetings Quarterly Tax Monitoring.
Tax Custom Strategy
This process begins with your completion of a detailed questionnaire.
We review the information on the questionnaire long with at least two years of your personal and business tax returns.
We have an initial meeting with you. During this meeting we will ask more questions of you to be sure we have a complete understanding of where you are and where you are going. We will also discuss some of the strategies we are considering using in your plan. Typically as we explain some of what is possible it will bring more ideas to your mind. This makes the meeting a very interactive and creative process.
The result of the process is a report that explains the strategy we have created. Your strategy will cover among other things; the proper entities that should used, how the entities work together, what deductions you should be claim, what documentation is need for the deduction, and how investments in rental real estate or oil and gas may figure into your overall strategy.
Once you have had time to review the report we will have a follow up meeting to make sure it all makes sense to you and you are ready to put the strategy into action.
This strategy only needs to be created once. It is the foundation for moving forward. We will make changes and adjustments during your Quarterly Tax Monitoring meetings.
Quarterly Tax Monitoring
Once a Quarter we will review your books to see if you are staying on track with your strategy. We will make suggestions to make changes to the strategy as we see your business or businesses evolve. We will also do projections of what we think your taxes will be based on what we have seen and what we know about you.
We will have a quarterly meeting to discuss our findings, find out what is one your horizon and answer any questions you have.
As a Quarterly Tax Monitoring client you will not be charged for phone call and e-mails with your account between your quarterly meetings. We found that it is just too important to stay in the loop with you than for you to have to decide if something is important enough to discuss it with us. Quarterly Tax Monitoring clients also are not charged for yearend planning and attending any of Tax Think’s live webinars.