Money Monday!

“What the Wise do in the Beginning, Fools do in the End.” -Warren Buffet

Most taxpayers typically call their accountant in the few weeks or months leading up to the tax deadline of April 15th.  However, truly tax savvy folks meet with their accountant in the fourth quarter each year to take advantage of proactive tax planning to reap potential tax benefits.  This strategy has not only been financially prudent for my own family and clients, but it gives peace of mind throughout the entire year.  Here are some ways this could benefit you:

  • If you meet in the fourth-quarter, there’s really not much left to do in the spring.
  • If you wait until the spring, there’s very little you can do to change your tax picture. Working with your accountant and financial advisor in the fourth quarter allows time to make smart moves before the tax year ends.
  • Clarity leads to confidence. Why be surprised in the spring by something you can identify and act on earlier?
  • The strong stock market over the past few years may have led to higher-than-normal realized capital gains this year, and you don’t want to be surprised by that in April.
  • Tax laws may be changing, and your accountant may have some unique ideas for tax strategies to be implemented this year.

Good luck, and happy planning!

Raymond James and its advisors do not offer tax or legal advice.  You should discuss any tax or legal matters with the appropriate professional.  Any opinions are those of the author and not necessarily those of Raymond James.  All opinions are as of this date and are subject to change without notice.