Financial Planning: The One Big Beautiful Bill Act
The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4 and encompasses hundreds of provisions.
Author: Jon Bock, CPA/PFS, CEPA®, Candidate for CFP® Certification | Financial Advisor at Impact Advisors Group
Tax Compliance is recording history, while Tax Planning is creating your optimized future to benefit you and your family.
Tax compliance, also known as tax preparation, is a reporting requirement to adhere to tax laws. It is a reactive process that typically peaks around filing deadlines.
Tax planning is a proactive and strategic process aimed at optimizing your tax situation through effective planning both in the short term and especially the long term. Tax planning is an ongoing process.
You must get tax compliance, but you do not have to perform tax planning. In fact, the government would prefer you not to plan. It benefits them when you don’t plan and overpay; trust me, they won’t reach out to protect your interests.
Should you work with an advisor to optimize your tax situation? I’m biased, but my answer is a resounding YES. What do you have to lose? Pay less in taxes now and possibly even less in the future, tax advisory is a win-win. Most people will just file, forget and complain about taxes, but you’re different, do something about it.
Reach out to us to get a complimentary review and report of your current and future tax implications. We have the experience to help you reduce what could be one of the largest expenses of your lifetime.
Contact us today to get your tax report.
The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4 and encompasses hundreds of provisions.
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