Tax planning is taking tax-saving actions prior to the end of the taxable year - not when you're doing your tax return. By January 1st, it's too late. If your intent is to pay your current accountant simply to record history without providing direction, then meeting in April is fine. Tax planning is having a relationship with a CPA that doesn't begin and end with a tax return. Tax planning is having estate and trust documents that take into account current tax laws.
There are numerous times in life when a CPA should be consulted. Examples include getting married/divorced, having/adopting a baby, the death of a spouse or parent and receiving an inheritance. These situations, both good and bad events, cause your circumstances to change. The changes have tax implications and a CPA can provide invaluable advice to you and your family.
A relationship with Magellan Tax starts with a consultation with Henry Spil, CPA, an experienced Atlanta accountant with over 25 years of experience. This initial meeting is usually a review of your tax history, and your ongoing tax liability. We will help you find strategies to reduce that tax burden. After this meeting, or phone consultation, we can then provide a quote for your tax preparation.
We will then address specific instances of tax inefficiency and offer solutions. The goal here will be to take whatever action is necessary before the end of the year, so that next year's taxes are less burdensome. In some instances, it is possible to re-characterize enough other income to reduce or even completely rid yourself of taxes on social security benefits.
Because we believe in ongoing relationships with our clients, our door is always open, throughout the year, to manage any tax issues as they occur, not next April. Call us before you enter into a major transaction so we can review the transaction's taxability on all levels to you.
Tax planning becomes comprehensive planning when coordinated with your attorney and financial planner. Consultations with Leonard F. Bittner, J.D. and J. Kevin Meaders, J.D., CFP®, ChFC, CLU are included in your quoted fee.