With over 25 years of tax planning and preparation experience, I am well-versed in what options are available to you, as an individual and/or business owner looking for a tax solution. I’ve seen the good, the bad, and the ugly in the industry. The additional fees that seem to come from nowhere. The radio silence when things get busy during tax season. The never-ending disconnect between your CPA and your financial advisor.
We’re here to change that. I am so excited to launch Burney Tax Advisors as its first Director of Tax because I am passionate about what I do. Here are 5 ways we intend to elevate your tax experience here at Burney Tax Advisors.
Jump forward to section:
- Proactive Tax Planning: Minimize Your Tax Liability to Help Achieve Your Financial Goals
- A Seamless Tax Preparation Process
- What It’s Like To Work with a Tax Expert
- Our Commitment to Proactive and Responsive Communication
- Tax Compliance and Resolution Services
- Your Next Steps
Proactive Tax Planning: Minimize Your Tax Liability to Help Achieve Your Financial Goals
When we talk about proactive tax planning, we mean a comprehensive approach to managing your taxes in a way that aligns with your broader financial objectives. Instead of being reactive to tax-related events as they occur, our proactive tax planning involves anticipating and strategically addressing potential tax scenarios before they happen.
What does tax planning include?
Here's a deeper dive into what our proactive tax planning includes:
- Tax Projections: This encompasses estimates made on a quarterly basis, determining the appropriate payroll withholding, and more. By projecting these figures in advance, we can adapt our strategies throughout the year to optimize your tax position.
- Retirement Savings Planning and Roth Conversion Projections: Retirement can be one of the largest financial events in a person's life. By planning in advance, including analyzing the potential benefits of a Roth conversion, our goal is to have the most tax-efficient retirement savings strategies.
- Investments: Effective tax management of investments can mean more money in your pocket. This includes techniques such as tax loss or gain harvesting, and aiming for assets to be located in the most tax-efficient accounts.
- Employee Equity and Stock Option Planning: Stock options and equity compensations can come with complex tax implications. Our planning is centered around leveraging these assets in the most tax-advantageous way.
- Schedule C Considerations: If you're self-employed or have additional income, we'll examine all potential deductions and look into self-employed retirement options. This not only reduces tax liability but can also set you up for a more comfortable future.
- Schedule C vs. S-Corp Analysis: Choosing the right business entity can significantly impact your tax bill. We'll provide an in-depth analysis of which might be more beneficial for you: operating as a sole proprietor (Schedule C) or incorporating as an S-Corp.
- Life Events: Big changes in your life, be it a change in filing status (like marriage or divorce), moving states, or other events, can have major tax implications. The goal of our planning is to prepare you for, and make the most of, these transitions.
- Charitable Contribution Strategies: Generosity can also be tax-efficient. We'll guide you on strategies for making charitable contributions that not only benefit your chosen causes but also optimize your tax benefits.
Proactive tax planning is about taking control of your financial narrative, anticipating and addressing tax scenarios strategically.
Tax Planning With Your Burney Tax Advisor
We aim to provide our Burney Tax clients an elevated tax planning experience. As part of working with us, your Tax Advisor will:
- Analyze Your Financial Situation and Understand Tax Planning Capabilities: We work hand in hand with your financial advisor to conduct a thorough assessment of your entire financial picture. By understanding your unique financial situation, we can pinpoint areas of opportunity and tailor our tax planning strategies to fit your specific needs.
- Prepare Detailed Tax Projection Scenarios: By simulating different tax scenarios, we give you a clear picture of potential future tax liabilities. This proactive approach allows us to create strategies with the goal of optimizing your tax situation for the years to come.
- Review Comprehensive Tax Plan with Client: No strategy is implemented without your thorough understanding and approval. We sit down with you to review and discuss every aspect of the proposed tax plan, so you're fully informed and confident in our approach.
- Collaboration to Implement Agreed-Upon Tax Planning Strategies: Once a plan is settled upon, it's time for action. We work hand-in-hand with you to implement the strategies, so each step aligns with both the tax plan and your broader financial goals.
- Offer Ongoing Guidance, Advice, Direction: The financial world is ever-evolving, and we're here for you every step of the way. Whether it's updates on new tax laws, advice on a financial decision, or just a check-in, our commitment to you is unwavering and ongoing.
- Make Revisions: Life is full of changes – whether they stem from shifts in your personal circumstances or alterations in tax laws. Whenever these changes occur, we’re ready to revisit and revise your tax plan, so it remains optimized for your current situation.
2. A Seamless Tax Preparation Process
At Burney Tax Advisors, we've streamlined our approach to provide an elevated experience for clients.
Initial Engagement & Transparency
- Engagement Letter:This foundational document sets clear expectations for both the client and our team, so there's a mutual understanding of roles, responsibilities, and objectives.
- Flat-Fee Structure: All services are included with an annual fee so there are no hidden costs or surprises.
- Committed to a Great Onboarding Experience: Your introduction to our firm will be as easy as possible! Our systematic onboarding process is designed to help you understand every step and feel comfortable and delighted from day one.
Document Management & Workflow
Our document management and optimized workflows help us handle every tax-related task efficiently and accurately.
- Secure and Customized Client Portal: To protect your sensitive information, we offer a digital portal where you can upload all required documents with utmost confidence.
- Collaboration with Investment Managers/Wealth Managers: By coordinating directly with your other financial advisors, we eliminate duplicate requests, saving you time and effort.
- Electronic Organizer: This tool aids in gathering your tax-related information, making the process more efficient.
- Centralized Client Communication: All communications are routed through a central channel to provide consistency and clarity.
- No Redundant Requests: If we already have certain information from you, rest assured we won’t ask for it again.
Tax Return Review & Approval Process
- Tax Return Ready for Review: Before finalizing, we comprehensively review your tax return(s).
- Zoom Meeting with Client: A virtual face-to-face discussion allows us to walk through the return details, so you're well-informed and any questions are addressed.
Simplified Refund & Payment Options
- Overpayment: Apply it to next year’s tax liability for future ease or opt for a refund through direct deposit to a bank account or paper check.
- Tax Due: Conveniently submit the payment online or if preferred, mail a check.
Final Steps: Delivery & Storage
- E-signature: No more running around for signatures. Our digital process allows for swift and secure sign-offs.
- Tax Return and Document Storage Management: We are transitioning to a green initiative. By offering digital storage solutions, we eliminate the need for paper copies, and your documents are safely stored and easily accessible year-round.
Extensions: Understanding & Managing
- Proactive Extension Measures: In cases where all essential information isn't received in time for filing an accurate and complete tax return, we take preemptive action by preparing an extension of time to file your tax return.
- Educative Conversations: Our advisors will have a candid discussion with you about the benefits of filing an extension, so you're well-informed and comfortable with the decision.
- Calculating Extension Payments: Our team will precisely determine any necessary extension payments, so there are no oversights.
- Assistance with Payment Submission: We don’t just stop at calculations. Our team will assist you in submitting any required extension payments, with the goal of making the process as smooth as possible.
Estimated Tax Payments: Calculation & Assistance
- Estimation of Tax Payments: Due to unforeseen circumstances, estimated payments previously calculated can change. Should this occur, we’ll calculate new payments to help keep you compliant and avoid potential penalties.
- Guided Payment Process: As with extension payments, we’re here to assist you in the submission of these estimated tax payments, so the process is hassle-free for you.
3. Working with a Tax Expert
Our team brings together years of experience and education, helping us uncover deductions, credits, or tax strategies with the aim of putting you in the best possible position to achieve your financial goals.
- Specific Expertise in Varied Financial Realms:
- Self-Employed: We understand the nuances of small business taxes.
- A Real Estate Professional or Own Rental Property: We can guide you through property-related tax implications.
- Big Life Events: We can help you navigate significant life events like buying a home, having a baby, switching jobs, getting divorced, retiring and other life changes that can impact your tax situation.
- Foreign Assets: Whether it be bank accounts, investment, or income, we can help you comply with your foreign reporting requirements.
- Securing Every Entitlement: Our commitment is to help you get every deduction and credit you’re entitled to, effectively minimizing your tax liability.
- Time Efficiency and Enhanced Accuracy: With our experts on board, your tax preparations will be efficient, and we will be diligent to check they are free from errors.
- Staying Current: Tax laws are constantly evolving. We’re always up-to-date with the ever-changing tax regulations and the latest developments, so you're always compliant and benefiting from any new opportunities.
- Reduced Audit Risks: With our meticulous and informed approach, clients are far less likely to face audits.
- Rectifying Past Oversights: If we identify an error made on a return from a previous year, we’ll work proactively to correct it. We’ll get your approval to amend the return, then prepare and file it on your behalf.
At the heart of our expertise is the value we place on relationships and getting to know you as a person. We will invest the time to understand you and your goals so that our strategies are in alignment with your needs.
4. Our Commitment to Proactive and Responsive Communication
During the busy tax season, Burney Tax Advisors is committed to exceptional client communication.
- Responsiveness: We recognize one of the major frustrations clients face with tax professionals is the lack of prompt responses. We take pride in making sure this isn’t your experience with us. We communicate swiftly and clearly so you're never left in the dark.
- Key Soft Skills of our Tax Advisors: At Burney, technical expertise meets practiced soft skills. Our advisors are equipped with critical thinking, adept problem-solving abilities, and excellent written and verbal communication skills. Above all, discretion is paramount, so your private information is always treated with utmost confidentiality.
- Adapting to Your Communication Preferences: Every client is unique, and so is their preferred mode of communication. Whether it’s email, office phone, or cell, we cater to what suits you best.
- Expanded Availability: Recognizing that not everyone operates strictly within the 9-5 window, our advisors are accessible outside regular office hours and even on weekends.
- Deep-Dive Conversations: Our advisors don’t just skim the surface. They ask probing questions to understand both your short- and long-term goals that might impact your tax situation.
- Diligent Follow-Ups: If for some reason any information isn't immediately available, we'll take the initiative to follow up and check that all gaps are filled.
- Early & Transparent Bad News Communication: No one likes unexpected setbacks, especially when it comes to taxes. Should there be any unfavorable news, like an unforeseen tax liability, we believe in early, clear, and honest communication to limit any surprises.
- Tax Resource Library: We will be sharing updated tax resources, including newsletters, blogs, and webinars, with our clients throughout the year - keeping you in the know about important changes that may impact your situation.
5. Tax Resolution Services
It can be daunting to deal with tax-related issues, particularly when they involve the IRS or state authorities. We provide clients peace of mind by addressing these concerns promptly and assisting you in reaching a resolution.
- Complete Power of Attorney (POA) During Onboarding: At the onset of our partnership, we establish a Power of Attorney. This crucial step allows our tax advisors to directly speak and access information from the IRS on your behalf. This proactive measure helps alleviate anxiety. With us having direct access, you can feel at ease knowing that professionals are in a position to handle your case should an issue arise.
- Timely Responses to IRS Letters/State Notices: Recognizing the time-sensitive nature of these communications, we treat all IRS letters or state notices as "high priority."
- Comprehensive Analysis and Resolution: Upon receiving these notices, our tax advisors dive deep into analysis and research, and address every issue with attention to detail.
- Proactive Client Communication: You're not left in the dark. Throughout the resolution process, we make it a priority to keep you informed, so you're aware of every development and the steps we're taking on your behalf.
Your Next Steps: Complimentary Tax Consultation
What questions do you have? I would love to hear from you, answer your questions, and learn more about your unique situation.
Reach out to me by emailing Burney Tax at info@burneytaxadvisors.com. We can set up a call, on Zoom, or on the phone and discuss more about what it means to be a client of Burney Tax Advisors.
Want to book a meeting right now? Click here to see my Calendar and book a meeting.
Looking forward to our conversation!