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Tax Compliance vs. Tax Planning

Tax Compliance vs. Tax Planning: Which Is Right for You?

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.  

Impact Advisors Group LLC (“[IAG]”) is a registered investment advisor offering advisory services in the State of Massachusetts and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The information on this site is not intended as tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. This information should not be relied upon as the sole factor in an investment making decision. Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any recommendations made will be profitable or equal any performance noted on this site. The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, Impact Advisors Group disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement, and suitability for a particular purpose. IAG does not warrant that the information on this site will be free from error. Your use of the information is at your sole risk. Under no circumstances shall IAG be liable for any direct, indirect, special or consequential damages that result from the use of, or the inability to use, the information provided on this site, even if IAG or a IAG authorized representative has been advised of the possibility of such damages. Information contained on this site should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized.