059: What Your Tax Pro Needs To Know For Tax Planning

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In this episode, Chris Mahler CPA joins us as we take a deep dive into what your tax pro needs to know for tax planning. We specifically touch on two parts. The first is the difference between tax planning and tax compliance. The second is the difference between basic planning and advanced planning.

We want to reimagine entrepreneurial success and keep it simple, practical, and powerful. Although tax isn’t always practical, the practical part is being able to have a better understanding of what needs to be done as well as when and how it needs to be done. 

There’s a big difference between just thinking you're doing something for the IRS and figuring out what you need to know so you pay the least taxes as legally possible. With that being said, you need to become a planner. It’s not just on your tax pro to be the planner. 

Ultimately, tax is a service, not an event. It’s a year-long process, not just a one-time event. If you can get your mindset shifted around that, it could really change the game and the results.

In this episode, you will hear:

  • The difference between tax planning and tax compliance
  • Types of information a tax pro would need from you
  • Picking a partner, not just a tax professional
  • Basic planning vs. advanced planning
  • What our process looks like at The Bottom Line CPA
  • Why you need to report your charitable contributions

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