Tax Preparation and Planning Is A Year Round Event

This post has been sponsored by Block Advisors.

Tax filing season is in full swing.

People are streaming into local tax offices to get their tax returns prepared, processed and filed in hopes of getting a large tax refund to deposit into their bank accounts.

Sadly, many people only consult a Tax Advisor just one day a year, the day they file their tax returns.

If you’re one of those people, you could be losing out on tax savings.

Tax Planning Shouldn’t Be A Once A Year Process

Did you know that forming a relationship with a Tax Advisor and consulting with them throughout the year could potentially save you money? Most people don’t. Luckily you’re about to realize you have an opportunity to save on taxes.

Unfortunately, the normal person visiting once per year talks with their preparer after the opportunity to make tax moves that can reduce the amount of tax owed has passed.

While you can do a thing or two after the tax year is over but before you file your return, such as contribute to an IRA, but you will miss out on many tax moves that must be made before the end of the tax year.

Tax Advisors Know Tax Rules

Tax Advisors are very familiar with the tax rules that govern exactly how much you’ll owe in taxes. Due to their in depth knowledge of these rules, they can figure out how you can apply the rules to your situation. They know your situation is unique and can figure out exactly what rules apply and which ones don’t.

Tax advisors can offer you advice about tax credits you may qualify for or whether you should bill your clients at the end of a year or at the beginning of next year to minimize your tax bill. They’ll also be able to look into your specific expenses and offer suggestions for how you can optimize these expenses to reduce your tax bill.

Of course, every person’s situation is different. If you only have a basic tax return with a W-2, you may not benefit from working with a Tax Advisor. However, if you have a more complex situation, such as owning a rental property, a business or a decent amount of investments, a Tax Advisor could offer strategies to offset some of the taxes you would otherwise owe.

Learn About Block Advisors

One company that offers Tax Advisors is Block Advisors. They have 280 locations across the country and they’re always there to answer any tax questions you may have.

You can set up an appointment in a private office near you with a dedicated Tax Advisor to discuss your specific tax situation. Your Tax Advisor will offer support year round, whether you have a question personally or the IRS has a question about your return.

Additionally, if you run a small business, Block Advisors can offer back office support for services like bookkeeping and payroll. Make sure to ask your local office for more details. 

Click here to learn more and find a Block Advisor office near you.

Do you only visit a tax preparer once a year when you file your taxes? Or do you consult with a Tax Advisor throughout the year to manage your tax situation? Let me know in the comments!

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.

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