Here’s how to make the most of this important relationship at a time of increasing complexity.
You may have noticed that it has been more difficult to find tax preparers this year and that the fees are increasing. Tax regulations are becoming more complex, and as large tax companies expand and improve their online services, many tax professionals are retiring.
That makes it more important than ever to maximize the value of working with a tax expert by working effectively with them, writes Jean-Luc Bourdon, CPA/PFS and founder of Lucent Wealth Planning. In an article for Robert Powell’s Retirement Daily on TheStreet, Bourdon explains how to find experts who meet your needs and how to build a profitable relationship year-round.
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Says Bourdon: “Clients who approach tax advisers as order takers cause the most friction because taxpayers don’t get to choose how much tax they pay. Viewing a tax preparer as a salesperson leads to a lack of trust that impedes the valuable collaborative process. Tax and financial advisors work with you to identify and plan optimal solutions to your challenges.”
Filing your taxes is a “tax compliance service,” he adds. People seeking additional guidance and support should proactively request it. Bourdon suggests asking your tax preparer specifically for feedback, advice, and planning, and offers some questions to think about, including:
- How can I improve my tax situation?
- Are there any red flags in my financial situation that I should be aware of?
- If you were in my situation, what would you do differently?
- Is there anything else I should ask you?
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Your tax preparer can provide you with information on tax planning strategies that may work best for your particular circumstances. They can also recommend specific financial tools or resources to help you stay organized and on top of your tax obligations.
