Description
Unfortunately, most tax professionals focus only on tax preparation, not tax planning. This service becomes necessary when an individual’s financial situation undergoes significant changes, such as starting a business, purchasing a rental property, inheriting assets, experiencing a major income shift, or encountering complex investment scenarios. Essentially, a tailored plan becomes essential to navigate unique circumstances and maximize tax savings whenever basic tax strategies fall short in optimizing one’s tax liabilities. This plan comes with ready-to-implement strategies.
The personalized tax plan process is as follows:
- Submission of your most recently filed tax return
- Review of tax return and data entry into Teaching Tax Flow’s planning software
- 45-minute initial discovery meeting with our tax planning and strategy specialist CPA
- Preparation of customized tax plan including recommended strategies and tax consequences of each potential strategy and referrals to implementation partners
- Personalized video walkthrough of your tax plan
- 30-minute follow-up strategy session meeting
- 30 days of email support following the strategy session
- 1-year premium membership to Teaching Tax Flow
Recommended for taxpayers that:
- Have annual tax exposure of $25,000 OR taxable income of $250,000 AND are self-employed, own a business, or own rental property.
- This service greatly complements their current tax preparation needs.
Click on the “FAQs” tab above for more details on this product
FAQs
What is a Tax Plan?
A Tax Plan is a strategic approach aimed at minimizing an individual’s or a corporation’s tax liabilities within the framework of the law. It involves understanding, interpreting, and applying tax laws to make informed financial decisions such as timing income and purchases, selecting investments, and other financial considerations. (Link to podcast episode)
Why would I need a Tax Plan?
A tax plan is crucial as it helps to reduce your tax liabilities, thereby maximizing your take-home income or profits. It provides you with the opportunity to use the saved money for other financial goals. It also ensures you are fully compliant with tax laws, preventing potential issues with tax regulatory bodies. We commonly work with individuals, families, business owners, and real estate investors.
Check out our podcast episode: Tax Planning vs. Tax Preparation
After purchasing this plan online, what will be the first step?
After purchasing our online Tax Plan, the first steps will be to submit your most recently filed tax returns and schedule your initial discovery meeting with your strategy specialist CPA. This provides us with the necessary information about your financial situation, which aids us in creating a customized tax plan for you.
How are meetings conducted with my tax planning team?
Meetings with your tax planning team are conducted virtually. They will be scheduled at your convenience and will be conducted via a secure video conferencing platform. This allows for easy communication regardless of your geographic location.
What does the Tax Planning process look like?
In order to provide you and most comprehensive deliverable possible, we follow the process outlined below:
- Submission of your most recently filed tax return
- Review of tax return and data entry into Teaching Tax Flow’s planning software
- 45-minute initial discovery meeting with our tax planning and strategy specialist CPA
- Preparation of customized tax plan including recommended strategies and tax consequences of each potential strategy and referrals to implementation partners
- Personalized video walkthrough of your tax plan
- 30-minute follow-up strategy session meeting
- 30 days of email support following the strategy session
What will I receive after the plan is complete?
Upon completion of your tax plan, you will receive a comprehensive tax strategy report. This report will detail your current tax situation, strategies to minimize your tax liability, and steps to implement these strategies. In addition, you will also receive ongoing support and updates to your plan as tax laws change.
I am a Tax Pro, can I offer this to my client through Teaching Tax Flow?
Absolutely. As a Tax Pro, you have the opportunity to offer our tax planning product to your clients through Teaching Tax Flow. It will enable you to provide additional value to your clients, helping them to strategically manage their tax liabilities.
