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What does “tax planning” actually mean?
In this episode of It’s a Write Off, Joel Lutz and Trevor Myres discuss the gap between filing tax returns and providing proactive tax advice. While business owners are increasingly searching online for ways to reduce their tax burden, much of the advice they encounter is presented as a one-size-fits-all strategy without the context, implementation, or documentation needed to apply it correctly.
Joel and Trevor explain why tax planning should go beyond simply reacting to questions from clients. They discuss entity structure, S corporation elections, payroll and distributions, family employment strategies, retirement planning, and other opportunities that can become part of a proactive tax strategy.
They also examine why many qualified CPAs and accounting firms are capable of providing this type of planning but haven’t structured their firms to deliver it consistently.