Dear Client,

Many taxpayers find the differences between tax planning and tax preparation confusing. What’s the point of tax planning? Won’t you owe the same amount no matter what? Let’s take a look.

Tax Planning

Tax planning involves making shifts in a taxpayer’s financial and business situation to minimize their tax burden both in the short term and over time. This often requires working in advance, before the end of the year, to identify, evaluate, and implement solutions.

Tax Preparation

On the other hand, tax preparation is recording the history of what occurred for the previous year. We can’t rewrite that history; we can only determine what a taxpayer does or does not qualify for. Since planning relies on making shifts to take advantage of tax breaks, it becomes impossible to do so after the fact.

How We Can Help

True planning looks at both current and subsequent tax years, as well as keeping an eye on the future. It involves frequent discussions with clients throughout the year about their goals and wealth accumulation. It generally includes combinations of several strategies to achieve optimal tax minimization.

Our team specializes in tax planning and optimizing your tax-saving goals. To utilize one of our best services, contact us at (402) 932-8815.

Sincerely,

W. E. Stevens, P.C.

Serving our clients with focused intentionality, professionalism, and timeliness