Financial Planning Fridays #161: Why Do We Review Your Tax Return?
Taxes are often a family's largest lifetime expense, and a tax return holds valuable information for future planning. This video explains how Presilium's tax planning software turns a return into an actionable report covering Roth conversions, capital gains, Medicare premiums, and charitable giving, and describes how the process caught a $220,000 error for one client, working alongside, not replacing, a tax preparer.
Taxes are often a family's largest lifetime expense, and a tax return holds valuable information for future planning. This video explains how Presilium's tax planning software turns a return into an actionable report covering Roth conversions, capital gains, Medicare premiums, and charitable giving, and describes how the process caught a $220,000 error for one client, working alongside, not replacing, a tax preparer.
Key takeaways
- Current and prior-year tax returns hold information that can reduce future taxes, open additional planning options, and help catch costly mistakes.
- Presilium's tax planning software turns a return into an easy-to-read report covering items like Roth conversion windows, capital gains planning, and Medicare premium planning.
- The review process can also catch preparer errors; last year it found a $220,000 mistake on one client's return.
- The goal is to partner with, not replace, a client's tax preparer, bringing planning ideas while the preparer confirms the numbers and files the return.
Hi friends. Today I want to talk with you about why we ask for our clients' tax returns. Taxes are often a family's largest lifetime expense and one of their biggest concerns. Your current and previous year's tax returns have a ton of information that can help us reduce future taxes, give us additional planning options, and avoid costly mistakes.
At Presilium, our tax planning software generates an easy-to-read report that helps us better plan for your future, including Roth conversion windows, capital gains planning, Medicare premium planning, more effective charitable giving strategies, tax withholding estimates, and lots of other critical items.
Our tax planning software turns your return into an easy-to-read report with action items to consider for the year ahead. It can also help us identify mistakes on your return. Last year, we found a $220,000 error for a client.
We use this review not to replace your tax preparer, but to partner with them. We bring the planning ideas and they confirm our math and complete your filing. Together, our goal is to lower your lifetime taxes and have fewer year-end surprises. Please reach out to us with questions or for a review of your tax return. Thank you, and I look forward to talking with you next Friday morning.
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