Tax Planning

Taxes taxes taxes. This word probably ranks near the top of cringe-worthy words/phrases for the common American. The well-known tax date of April 15 probably sends chilling shudders up the spine of some people and is a date that no doubt is associated with dread, stress, and anxiety. But for real, how often do you ever hear someone say, “I love thinking about preparing and planning my taxes!” or “Man, you know what I love? Paying my taxes!!” Well, there is probably that one person everyone knows who seems to be a little “off” and enjoys thinking about and discussing different tax nuances. But the other 99% of society doesn’t even want to approach the tax subject on an average day.

We understand. We feel your same pain. We agree that worrying less about taxes would make life easier. That’s the aim of Legacy Integrated. Let us do the hard work while you use your time for what you want to do. And what’s even better is that you may find strategies that allow you to pay less in taxes along the way. More time and fewer taxes, let’s discover how!

Imagine going on a trip to a long dreamed of destination. Think of what’s high on your bucket list of places you’d like to explore and visit. Now, imagine just being dropped off there for a week without a moment’s notice. No prior planning. No thought-out ideas of what to do. No blueprint for the week’s activities.

Now, you would probably build lasting memories and find enjoyable things to do along the way of navigating the surprise week, but most people would agree that you probably couldn’t get as much out of your trip as you could have because you weren’t prepared. Without at least some idea of your week’s plan, you probably missed opportunities. And there will likely be multiple moments where you wish you had prior knowledge and an idea of what to do.

Regardless of what good would occur in this situation, imagine what could happen if only you had some time to prepare and map out your trip.
Now as silly as this comparison is, many approach taxes with this mindset. We walk into our accountant’s office or drop by our CPA and simply drop off documents. Or we just shoot over an email with this years’ financial information attached. They prepare our tax return, sign the dotted line, complain about what we owe, go home, and don’t talk with our tax professional until the next year. Rinse, wash, repeat.

There is no planning. There is no strategizing. There is no change.

We complain about paying taxes and not understanding the tax code, but neither we nor our CPA do anything proactive. We show up once a year, drop financial information off, and pick it up a few weeks later.

Consider this: is your CPA/tax professional implementing strategies that fall within the tax code that benefit you, or are they just checking boxes and doing the bare minimum to “file a return?” As a business owner or individual, you worked hard to earn your income. You want to keep as much of that in your pocket as possible while staying within the IRS tax code’s legal structure.

Everyone has to stay compliant within the laws set forth by our country to file a tax return. But, sometimes, the focus on completing the necessity of filing a tax return overshadows opportunities available to business owners and individuals.

There are many CPAs and tax professionals that are putting their energy toward just completing the return. They value volume and want to crank through as many returns as possible. They understand enough of the tax code to understand general ideas of how to stay compliant within the IRS’s tax codes. They stick to a specific set of beliefs and rarely branch out to learn more or explore other business owners and individuals’ options. This model works for them, but they may not be offering the most value to their clients at the end of the day. There could be tax savings left on the table for their clients simply because they aren’t educated or don’t want to explore other strategies. Or the CPA/tax professional wants to run a more systemized system where they just prepare taxes instead of performing tax planning.

What if you could work with a CPA/tax professional where you meet throughout the year so that they come to understand your business or financial situation? What if you implement them throughout that you could potentially save thousands in taxes if you implement throughout the year? What if they were continually educating themselves to broaden their knowledge of available tax strategies within the tax code?
The IRS has set forth rules where-in we are allowed to operate within when it comes to taxes. We aren’t talking about tax avoidance. We are highlighting available strategies within the tax code. But without the proper planning and pre-work needed to discuss how to optimize these strategies, you may not be able to qualify. Some up-front work and preparation could potentially save you thousands in taxes down the road.
Consider where you and your CPA’s relationship is. How often do you meet? Do they present new ideas and strategies? Do they even ask you questions to look for ways to “tax plan,” or are they only “tax preparing?”

If you feel you are paying too much in taxes and haven’t been presented with ideas on tax planning, then now is the time to talk with Legacy Integrated. We utilize strategies that some of the world’s largest companies use to optimize the tax code and give you insight into how effective your tax plan is. You could potentially save thousands of dollars just by implementing strategies that benefit you and maybe your employees.

Let us help you prepare for your future today

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