Many people don’t realize it, but tax planning and tax preparation are two totally different things! Tax planning is a service for optimizing your tax situation, taking into consideration your goals and planning for the future. Tax preparation is assistance with filing your tax returns, with the main goal being that your returns comply with both federal and state tax laws. While Prosperity I.Q. offers both services, it’s good to know the difference.
What is the difference between tax planning and tax preparation? Tax planning is an area of financial planning focused on planning to maximize profits and reduce your tax liability. Tax planning is a service we offer where we take account of the tax code, your tax situation, and chart a path forward for you that makes the most sense financially. Do you have specific questions about the benefits of tax planning or preparation or would like to get help? Schedule an appointment today with Prosperity I.Q. Financial Solutions!