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Of course the CPA you choose is the most significant professional choice you can make. 😉
A close second is your financial advisor.
Do you have questions? Call me: 732-673-0510.
Important Note: You should avoid having a CPA / Tax Preparer who is also your financial advisor. It is impossible to be a full time professional in two completely different disciplines. Also, there is a moral hazard when someone is advising you in these two areas. I urge everyone to have two separate professionals for tax preparation and financial advice.
Many financial advisors provide long term financial projections. Many of these projections don’t carry the calculations far enough and ignore the actual net after-tax impact.
Why is this important? Many of your future retirement and investment related income will be subject to tax, possibly at varying rates. You may have ordinary taxable income, capital gains, etc.
Most people’s question is: “How much will I have to live on every month?” An advisor can enter information into their propriety software package and provide you with schedules spanning many years. When you review that data, you might think, great, I can live with that NET cash inflow every month when I’m 65! But most times, as I stated above, the true AFTER TAX cash inflow is not shown or available.
Even systems that do provide a tax calculation are not exact enough. So, the net numbers could be suspect.
Financial advisors are NOT tax preparers.
You want to engage your CPA in these discussions and ask them to take these projections and provide you with the reality of what you will retain in your pocket after the IRS takes their piece.
So getting the long term income projections from your financial advisor is only the first step.
Good financial planning has to start with your CPA’s tax planning.
Click here to ask me any question you may have.
Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
79 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
#IncomeTax #irs #cpa #TaxReform #amnesty #taxrelief #potus
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