In recent years, tax planners have increasingly been recruited to work alongside family offices. If you’ve heard about this trend or received an invitation yourself, you may be wondering what exactly working with a family office would entail. First, let’s start with a simple definition of a family office: A family office is a specialized […]
Should Tax Planners Work with Family Offices? How Family Offices Work Read More »
Client Advisory Services (CAS) have emerged as a crucial offering for accounting firms, evolving the traditional client-accountant relationship into a more strategic partnership. Defined by the AICPA as services where practitioners provide findings, conclusions, and recommendations to aid in client decision-making, CAS encompasses far more than mere compliance. It offers a new, broader approach to
Tax Planning as a Client Advisory Service Read More »
As a tax planner, you have frequent conversations with clients about possible tax strategies and strive to provide reliable advice in response to their questions. At what point do you begin to document that advice in writing? If the answer is “never,” we have trouble brewing. If the answer is more like “as soon as
Put It All in Writing: Don’t Skip This Tax Planning Best Practice Read More »
If step one in the tax planning process is formulating a tax strategy, step two is often overlooked but equally important: creating an implementation plan. What steps do you need to take to set your strategy into motion? Are there any complex parts of your strategy that will require you to work with outside vendors,
How Can Income Shifting Help Lower Your Taxes? Read More »
Any sophisticated tax strategy needs at least one thing to be successful: an implementation plan. While you may have a clear vision in mind for how things will unfold, if the taxpayer isn’t on the same page as you, the strategy will fall flat. Part of how you can contribute your expertise is by emphasizing
Tax Implementation Guides: Income Shifting as a Tax Strategy Read More »
When you work with a tax planner to create a proactive tax strategy, deciding on your strategy is just the beginning of the journey. Even the best plan won’t translate to savings without an implementation strategy. One of the benefits of working with a Certified Tax Planner is that they can help you create a
Creating a New Business Entity Could Lower Your Taxes… But How Do You Do That? Read More »
Formulating a tax strategy is just the first step in moving your clients toward tax savings. The best-laid plan will be useless without an implementation strategy. If you use a tax planning software solution like Tru Tax Planner, you will have access to ready-made implementation guides for even complicated tax strategies. One often-used strategy that
Tax Implementation Guides: Forming a New Entity Read More »
Tax planning isn’t just about formulating a tax strategy—it also comes down to knowing in advance how you will implement that plan. Tax planners will typically see the most success when they either handle the implementation themselves and incorporate that into their fee or enlist the help of specialists to take care of different elements.
Tax Proverb #2: Implementation Comes Down to Resources, Timeline, and Goals Read More »
As tax filing season comes to a close, taxpayers may be breathing a sigh of relief—or a sigh of agony depending on the size of your tax bill. The temptation is to push taxes out of your mind until next spring, but the reality is that now is the time to begin your strategic planning
If a Tax Plan Has No One to Implement it, How Can it Save Money? Read More »
Once you take the step of converting a residence to a rental property, the tax planning process is far from over! Wise investors also need to consider the tax implications of generating income from a rental property and learn about the potential tax breaks. Real estate rentals can either be long-term or short-term. With long-term
Making Money from Rental Properties: Tax Planning for Your Real Estate Investments Read More »