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This Tax Season, Take a Team Approach

By Kevin Swanson, CFP®


Let’s face it, no one enjoys paying taxes. In fact, people go to great lengths to find the “right” CPA so they don’t pay more in taxes than absolutely necessary. But what many people don’t realize is that the best tax strategies are built over time through the ongoing collaboration of a CPA, a financial advisor, and sometimes an attorney.

“The way a team plays as a whole determines its success. You may have the greatest bunch of individual stars in the world, but if they don’t play together, the club won’t be worth a dime.”
Babe Ruth

Although Babe Ruth certainly wasn’t thinking about taxes when he famously explained how to optimize a team, his quote isn’t bound to baseball. This tax season, make sure your individual stars — your CPA, financial advisor, and attorney — are collaborating together to achieve the most effective tax strategy for you.

Collaboration can benefit you, and your legacy

Having an open dialogue between your CPA, financial advisor, and attorney is the smartest way to build a comprehensive tax plan. Because each of these professionals views your financial situation through a different lens, they are uniquely equipped to work together to create a unified, strategic tax plan that minimizes your tax liability and maximizes your legacy.

And while it may be obvious how a team approach is helpful during tax season, it’s equally important throughout the year. Pooling the expertise of a CPA, financial advisor, and attorney can help ensure you’re maximizing tax deductions, offsetting investment gains and losses, planning for estate taxes, establishing effective trusts, making timely charitable donations, ensuring business continuity, keeping your estate in order, and more. 

If you haven’t already, now is the perfect time to introduce your CPA to your financial advisor and attorney. In fact, opening the lines of communication for tax season is an effective way of building ongoing cohesiveness among your team.

Three basic ways you can prepare for tax season

Planning ahead can help make your tax-filing process smoother and more efficient. And while your tax team likely has preferences when it comes to handling and receiving your tax documents, the following three tips will help you regardless of who you use.

  1. Organize your tax records: Providing your tax team with all the requested tax documents helps ensure deductions or credits aren’t overlooked, but also paves the way for a stress-free tax filing. Use our sample checklist to begin gathering necessary documents now.
  2. Log all business expenses: While most business owners understand the importance of keeping detailed records of business expenses, it’s also imperative to maintain a clear separation between your personal and business finances.
  3. Update personal information: Notify the IRS if you’ve recently moved, and inform the Social Security Administration if you legally change your name. Clients that have created an online IRS account can update IRS communication preferences, view tax records, make payments, and more.

End-of-the-year reminders

As we approach the end of 2023, work with your tax team to determine how these year-end tax considerations might fit into you overall tax strategy.

Tax deadlines and considerations
Tax strategyDeadline
Make charitable contributions December 31
Contribute to your 401(k), 403(b), or 457 December 31
Defer income (e.g., bonus, salary) December 31
Take required minimum distributions (RMDs) December 31
Offset investment gains by selling loser investments December 31
Deplete funds in spending accounts (e.g., HSAs, FSAs) Funds often expire on December 31
Contribute to your IRAs Mid-April (tax day)
File taxes Mid-April (tax day)

Let’s build your cohesive tax team

Over the years, we’ve seen first-hand how clients benefit when their CPA, financial advisor, and attorney collaborate. Whether you’re a current Potentia Wealth or Potentia Tax client, or simply exploring your options, we stand ready to work with you and your trusted partners this tax season and beyond to ensure your tax strategy is thorough, thoughtful, and comprehensive.

The content is developed from sources believed to be providing accurate information. Potentia and Potentia Wealth do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.

Investment advice offered through Mariner Independent Advisor Network, a registered investment advisor. Mariner Independent Advisor Network, Potentia Wealth, and Potentia are separate entities.

©2023 Potentia Inc.

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