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Wealth in Waves Ep 18: The difference between Tax Planning and Tax Preparation Thumbnail

Wealth in Waves Ep 18: The difference between Tax Planning and Tax Preparation

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Wealth in Waves Ep 18: Tax Planning vs Tax Preparation

It’s happened again. Or maybe it’s the first time. You get a copy of your tax bill, or maybe your estimated tax due, and you notice that your CPA hesitated just a little before revealing the number. You understand why – it’s a number that makes you do a double take. “Is there anything I can do about this?” you ask. “Well, you could buy another work truck or piece of equipment and take the depreciation” could be one of the standard replies. But you don’t need another work truck or piece or equipment. Heck, you didn’t really need the last work truck or piece of equipment you bought and depreciated. “Can I put any more money away pre-tax?” maybe your next question. “You’ve already maxed out your qualified retirement plan contributions for the year” could be the reply. You’re stuck. So you sigh, listen to your CPA tell you how great it is to have a large tax bill because that means you made money, and you write the check. Again. 

What is I told you there was a better way to get ahead of these types of conversations? That maybe there is process that involves both forward looking tax planning and systematically looking into every nook and cranny for tax efficiencies? You probably like your CPA. They’ve probably have done a great job for your for many years. We will probably like your CPA as well. But your CPA’s job is to look backwards, not forwards. To deal with the now and what has already happened. Would you be interested to talk to someone that could help you look into the future? Financial advisors and, most importantly, planners, that could team with your CPA to both look backwards but to also look forward?

Hello, my name is Josh Null, sitting alongside co-host Will Steih. We are Gulf Coast Financial Advisors and this is our Wealth in Waves Podcast, a show specifically dedicated to the financial planning, investment management and tax planning needs of established business owners, professionals and entrepreneurs living along the Gulf Coast of Louisiana, Mississippi and Lower Alabama, as well as the pan handle of Florida. Today we ask, how do you keep more of your hard earned dollars in your pocket while still satisfying the IRS? You have questions. We have answers. So let’s get to it!

Good afternoon Will, how are you today? Great. For those of you new to the podcast, quick intro before we get to our main discussion. My name is Josh Null and he is Will Steih, and we both are FINRA Series 65 Securities licensed fiduciary based financial advisors. We work together at Gulf Coast Financial Advisors, an independent investment management and financial planning firm based out of Fairhope, Alabama. In addition to his primary role as a financial advisor, Will is also a licensed CPA, which allows us to offer forward looking tax planning services to our clients as well. You can always reach us by calling 251-327-2124 or via our website at gulfcoastfa.com.  

  • Basics of tax planning vs tax preparation
  • How we team with our client’s CPAs
  • Brief overview of Corvee software
  • High level case study of a business owner – use Stidham example for est. numbers
  • How our process works and call to action 

Great discussion today, Will. Alright, listeners, if this topic is of interest to you, you can reach us at Gulf Coast Financial Advisors by calling 251-327-2124. You can also reach us thru our website gulfcoastfa.com, which lists all of the other services we offer in addition to cash balance plans. 

Many thanks to Coastal College for providing access to their recording studio in downtown Fairhope, to local bank Sloth Racer for supplying the show music, to our producer Chaesare Gray and of course to you the listener, thank you for joining us today. This has been the Wealth in Waves Podcast!

Disclosure:

Advisory products and services offered by Investment Adviser Representatives through Prime Capital Investment Advisors, LLC (“PCIA”), a federally registered investment adviser. PCIA: 6201 College Blvd., Suite#150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management ("PCWM") and Qualified Plan Advisors (“QPA”). Certain services may be provided by PCIA affiliates. In this format, Josh Null provides general information, not individually targeted personalized advice, and is not liable for the usage of the information provided.  Exposure to ideas and financial vehicles should not be considered investment advice or a recommendation to buy or sell any of these financial vehicles.  This information should also not be considered tax or legal advice. Past performance is not a guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested.