Frequently Asked Questions

Tax preparation is the final stage of the tax process and mainly involves data entry.

On the other hand, tax planning is an ongoing process of identifying and implementing tax reduction strategies throughout the year to help minimize your tax liabilities.

It's crucial to note that after December 31st of a tax year, there is very little you can do to impact your tax liabilities. 

By the time of tax preparation (by April 15th), the options available for reducing your tax liabilities are even more limited. Therefore, it's essential to engage in proactive tax planning to optimize your tax strategies and minimize your tax obligations.

By working with a proficient tax planner, you can effectively minimize your tax liabilities (if you decide to implement the strategies suggested). Not only can the tax savings be immediate, but the planning process can also provide you with valuable knowledge on how to save in future years.

It's crucial to understand that tax planning isn't only important in the current year, but it can also help you grow your wealth in future years. By implementing effective tax strategies, you can potentially increase your savings and accumulate more wealth over time.

Tax planning is an ongoing process that should occur at least quarterly, regardless of income level or business revenue. However, if you are a high earner (W-2) or have a business with a gross income exceeding $250k, more frequent tax planning may be necessary to optimize your tax strategies and minimize your tax liabilities.

Bookkeeping is like a GPS for your business. Just as you wouldn't venture to a new place without GPS, you shouldn't run your business without proper bookkeeping. Bookkeeping enables you to monitor your performance, identify variances, obtain loan approvals, and even impact your taxes.

To ensure that your business roadmap is accurate and that you're making informed decisions, it's essential to hire professionals who can manage your bookkeeping effectively. This way, you can focus on what you do best while leaving the financials to the experts.

A well-crafted financial plan can prepare you for various life changes, such as your child's education, retirement, investments, or unexpected events. By creating a financial plan, you can identify your financial goals and develop a roadmap to achieve them. This planning process can help you make informed decisions and take the necessary steps to secure your financial future. With a solid financial plan in place, you'll be better equipped to handle life's uncertainties and take advantage of opportunities that come your way.

We offer a complimentary 15-minute consultation to discuss your financial goals and determine how we may be able to assist you. During this initial consultation, we can assess your needs, answer any questions you may have, and determine the best course of action to achieve your financial objectives. To schedule a consultation, please reach out to us, and we'll be happy to set up a time to speak with you.

To ensure that your financial plan remains effective and relevant, it's recommended to update it at least once a year, or before any significant life event. Major life events such as marriage, divorce, birth or adoption of a child, or retirement can significantly impact your financial situation, and as such, your financial plan should be updated accordingly. By reviewing and updating your financial plan regularly, you can adjust your strategies as needed and stay on track to achieve your financial goals.