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Tax Planning Versus Tax Preparation, Episode #41
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When it comes to taxes, a key distinction to make is the difference between tax planning and tax preparation. Tax preparation is a reactive process that primarily consists of reporting what has already happened in the prior tax year to understand your tax liability and whether you’ll receive a refund or owe taxes when you file your return. Tax planning, on the other hand, is a proactive process that involves looking at your overall financial situation, your goals, and your expected future path, to figure out what you can do proactively to minimize your tax liability, not just in a given year, but more importantly throughout your entire lifetime. Keep in mind that just because you have someone preparing your tax return, don’t assume they’re also doing proactive tax planning for you.
Resources & People Mentioned- Podcast episode #3: 6 Ways to Save on Taxes as an Employed Physician
- Podcast episode #15: How to Minimize Your Tax Bill in Retirement
- Podcast episode #23: 5 Strategies for Tax-Efficient Charitable Giving
- Podcast episode #27: The Key Questions You Should Ask a Financial Advisor
- Download our guide: The Toolkit for Optimizing Your Finances as an Employed Physician
- Download our guide: The Financial Checkup
- https://mdwmllc.com
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