It’s November, and hopefully your clients are doing what they can to mitigate tax liabilities by the end of the year. If not, they may end up suffering from:
Intaxication: A condition of confusion, denial and frustration brought on by attempting to understand the tax code. Symptoms can include insomnia, headaches, nausea, rage and depression. Remedy: Two sessions annually with a qualified CPA or other qualified tax professional: One to prepare for tax season proactively; and another to actually prepare your return.
Alternate Definition, for filers receiving refunds: The temporary feeling of euphoria accompanied with receiving a tax refund, until the realization that the funds received were actually a zero interest loan made by the taxpayer to the federal government. Resulting symptoms may include anger and frustration. (Same remedy as above can help alleviate symptoms.)
Of course, one of the most effective ways to help your clients with their taxes is to do so proactively by meeting with them in October or early November for a tax planning engagement. At the least, they will be better prepared for potential liabilities, but there’s even more of an upside if you can help them develop a strategy that helps to decrease those liabilities.
Check out the annual review of Tax Planning systems at: www.CPAPracticeAdvisor.com/10415621.
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