Why hiring a Tax planner is more important

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Any individual would know that as the only time they ever see their CPA is at the end of the year when the tax return needs to be found.

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Why hiring a Tax planner is more important than a CPA? :

Why hiring a Tax planner is more important than a CPA? Any individual would know that as the only time they ever see their CPA is at the end of the year when the tax return needs to be found. Do they have quarterly meetings with that CPA where they are literally putting their fingers on the pulse of their business? Are they aware of significant growth trajectories, changes, opportunities that the business is undertaking? Are they aware of that when it’s happening? Or, do they simply find out in February when they’re pulling together their information of tax filing that they go, “Hey, Jim, you know we did three times what we did in business this year, and our profits are up five times over what they were last year”? And do they think tax planning revolves around whatever they may do from February to March 15th or April 15th of the year after their tax here is concluded? So if they bought into the notion that tax planning is done after the end of the year, during that one to two-month time span where they’re gathering information and they have completely missed both, both in terms of their understanding as to what that should look like as well as what their CPA is delivering.   Most people need to realize that tax planning is a full contact year round sport. It is staff that you’re supposed to be engaged in on a day-to-day basis, on a month-to-month basis. You should look at every dollar that has spent within the business in light of what the tax impacted. It’s not gonna be the major determinant of how you allocate dollars in the business, but there should be an active thought process about what the tax impact is of these major decisions.      A professional CPA really has to be not only the guy who prepares the tax return, but it’s really a trusted business relationship where they have a vested interest in helping you secure financial success in every cent and shape of the word within that business. Well, that’s helping reduce operational expenses, making you more profitable, making you more efficient which within all that, tax planning and strategic business and financial planning place a very significant role in that.   So these are all things that a business owner would need to look at to examine the relationship with their CPA and go, again, this is the passive relationship where, yeah, throughout the course of the year, I may email stuff back and forth to him documents that are necessary. But are there any strategic meetings that they’re at throughout the course of the year? But we simply just reporting what’s occurred in different time periods and more specifically at the end of the year to reflect what is taking place for the current tax year.   To learn more about Tax Planner visit The Ike Ikokwu Company

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