Why do you need a tax planning professional and NOT just a CPA or accountant?
Well… the Gettysburg address is 269 words, the Declaration of Independence is 1,337 words, and the Bible is only 773,000 words.
Getting a second opinion on all your current tax reduction strategies is just a good business practice.
Additionally, having a comprehensive pro-active tax plan is also a very sound business practice.
BUT just asking your current Financial Planner or Wealth Advisor is not always the right answer.
These Financial Consultants are intended to be long term strategic thinkers. Their primary goal is supposed to be to help you make smart money decisions over the long haul.
They often lack proper tax insight to understand how all things “tax” work together for good and for bad – taxation on Social Security, Capital Gains, IRA’s and their RMD’s vs Roth’s, the impact of Roth conversions on all those things, Medicare surcharge taxes, Net Investment Taxes, etc.
Additionally, most have an inseparable conflict of interest. Parts of our strategy deal with the timing that taxes are paid and often suggest paying more up front to greatly reduce future tax liabilities.
Since most advisors are paid based on asset amounts managed, this inherent conflict can cause them to be reluctant in providing unbiased advice.
The best step you can take is to talk to some, like The Tax Planners who are multi-discipline advisors (financial planning, investment management & taxation qualified) that specialize in strategic tax planning AND work with zero bias to fiduciary standards.
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