Book Now Available

Get Your Financial Fix! Subscribe For Our Latest Planning Tips.

What Is A Tax Planning Advisor?

Whether you’re an individual aiming to maximize your returns or a business owner looking to better your financial future, understanding the essence of tax planning and the professionals who can guide you is a powerful step forward.

That said, the words “tax planning advisor” get thrown around a lot and it can be hard to determine what one actually is. In this guide, we’re going to help demystify the term, and show you where you can get the help in the way that best suits your needs. 

What Is Tax Planning?

At its core, tax planning is a savings game. It’s all about looking ahead, thinking strategically about your income, investments, and expenditures to make sure you’re paying Uncle Sam exactly what you owe—not a penny more, and certainly less over time if you do it right.

Tax planning isn’t so much about dodging unforeseen obstacles; it’s about thoughtfully crafting a plan and tactically executing it instead of waiting to see what you owe. Think of it as getting to know the ins and outs of tax laws so well that you’re not just steering clear of financial setbacks—you’re actually using those laws to your advantage.

Instead of reacting to surprises, you’re making informed choices that work the system in your favor, turning what could be hurdles into opportunities to enhance your financial well-being. It’s about being proactive with your finances, ensuring every decision contributes positively to your economic status.

What Is A “Tax Planning Advisor?” 

Following the roadmap of tax planning, you might wonder who’s best to guide you through this strategic game of savings and codes. Enter the “tax planning advisor.” This term gets tossed around a lot, but it’s not easy to nail down how to get them on your team. In fact, it can apply to a variety of financial professionals, each bringing their unique expertise to the table.

Think of a tax planning advisor as a potential passenger on your financial journey. Depending on who’s in the passenger seat, the advice and strategies can change significantly. A CPA might delve deep into the tax code AND your money, ensuring you benefit from every possible deduction and credit. 

A financial advisor could take a broader view, integrating tax strategies with your overall financial planning to boost your wealth over time. And a tax attorney' They’re your go-to for navigating legal complexities, making sure your tax planning also aligns with the law, especially in tricky situations.

What’s essential to understand is that the term “tax planning advisor” signifies more of a role than a specific profession. A variety of professionals can serve in this capacity, each using their expertise to ensure that your tax strategy is not just about compliance but about maximizing your financial health and achieving your goals.

So, as you steer through the fiscal year, remember that having the right tax planning advisor(s) by your side can make all the difference. They’re the ones who help you play the game smartly, leveraging tax laws to your advantage and keeping you focused on the financial horizon ahead. 

Common Tax Planning Advisor Professionals 

As mentioned above, a “tax planning advisor” is more of a role that can be fulfilled by a variety of professionals. Below, are some of the most common experts that can help you plan ahead when it comes to navigating your taxes: 

Accountants: Accountants are well-versed in the minutiae of tax laws and are experts at crunching and following the numbers. Accountants can help you prepare and file your taxes, helping you leverage all the deductions and credits you’re eligible for. They’re your go-to for keeping your financial records straight and making sure you’re in good standing with the tax authorities.

Tax Attorneys: When the terrain gets rough, tax attorneys are the ones you want by your side. These legal experts specialize in the complexities of tax law. Whether you’re dealing with disputes with the IRS, pre-planning complex transactions before you move forward, or setting up a business structure that’s tax-efficient, a tax attorney can provide the guidance and representation you need.

Financial Advisors: Financial advisors are like the strategists of your tax planning expedition. They look at the big picture, integrating tax planning with your overall financial goals. Whether it’s saving for retirement, investing wisely, or planning for your family’s future, financial advisors help you create a comprehensive strategy that aligns your financial planning with tax efficiency.

How Does A Financial Advisor Help With Tax Planning? 

When it comes to navigating the complexities of tax planning, having a financial advisor as your guide can be a game-changer. These professionals provide strategic advice tailored to your unique financial aspirations and circumstances. Here’s how they can help you steer through the tax season and beyond, ensuring you’re on the right path to minimize your tax liability while maximizing your financial health:

Understanding Your Financial Goals: Your financial advisor begins by getting a deep understanding of your financial goals. Whether you’re aiming for early retirement, saving for a child’s education, or buying a new home, they tailor your tax strategy to align with these objectives, ensuring every decision supports your long-term aspirations.

Tax Efficiency (a.k.a. Asset Location): They help you structure your investments in a way that’s tax-efficient. This could mean choosing between tax-deferred accounts, like IRAs or Roth IRAs, using tax-favored securities like municipal bonds, or weighting your portfolio for growth vs. income, all based on your personal financial situation and income tax burden.

Strategic Retirement Planning: Your advisor will guide you on how to contribute to your retirement accounts strategically, such as 401(k)s and IRAs, to lower your taxable income now and manage tax liabilities in retirement.

Estate Planning and Gifting Strategies: By advising on estate planning and gifting strategies, they ensure that your wealth transfer plans are not only aligned with your wishes but also structured to minimize estate and/or income taxes and maximize the value for your heirs.

Tax Loss Harvesting: This technique involves selling investments that are at a loss to offset the capital gains tax on other investments. Your financial advisor can make sure every sell trade is as tax-efficient as possible. 

Adjusting to Life Changes: Life events like marriage, divorce, or the birth of a child have significant tax implications. A financial advisor helps navigate these changes, adjusting your tax planning strategies accordingly to keep you on track towards your financial goals.

Please Note: To dive deeper into how advisors can aid in saving on your lifetime tax bill by lowering your tax liability, don’t miss our article on how proper financial planning can reduce tax liability. This piece offers invaluable insights and strategies for leveraging financial planning to your tax advantage.

Accountant vs Financial Advisor, Which One Do You Need?

When it comes to choosing a tax planning advisor, two of the most common professionals you’ll want help from include accountants and financial advisors. Understanding their roles can help you decide whom to call first for specific tax-related needs.

You’ll want to reach out to a financial advisor for:

Tax Strategy and Planning: Looking to develop a long-term plan to minimize your tax liability and maximize your savings' Financial advisors excel in creating strategies that align with your overall financial goals. 

Retirement Planning and Estate Tax Planning: Financial advisors are key to planning for your future. They help you strategize for retirement savings in tax-advantaged ways and guide you through estate planning to ensure your legacy is preserved while minimizing estate taxes. 

Tax Saving Opportunities: Financial advisors can identify investment opportunities and financial products that offer tax benefits, helping you save on tax liability over the long term.

You’ll want to reach out to an accountant for:

Understanding Tax Laws and Regulations: If you need guidance on tax laws and their impact on your finances, turning to a professional accountant takes the guess-work out and saves you time and money. Among these professionals, a Certified Public Accountant (CPA) stands out for their extensive knowledge and expertise. These experts are well-equipped to navigate the complexities of tax legislation, ensuring that you’re both compliant and situated for savings. 

Income Tax Filing and Preparation: For annual tax return preparation and filing, especially if you’re dealing with complex tax situations or own small businesses, a competent accountant delivers incredible value, knowledge and process. 

Navigating Tax Deductions and Credits: Accountants are adept at identifying all the tax deductions and credits you’re eligible for, ensuring you don’t leave money on the table. 

Please Note: The above points offer a general guideline on whom you might typically contact first for specific tax-related scenarios. However, it’s important to note that these professionals often have overlapping expertise.

Accountants and Financial Advisors Make For A Powerful Team

While each professional excels in their domain, the truth is, the most effective tax planning strategy often involves both an accountant and a financial advisor. 

Accountants focus more on the specifics of tax preparation, filing, compliance, and navigating tax laws, whereas financial advisors provide a broader view on financial goals and executing strategies—some advisors also hold certifications like Certified Financial Planner™ (CFP®) that allow them to offer more specialized advice. 

By collaborating with both an accountant and a financial advisor, you get tax expertise on a year-to-year basis as well as a lifetime one. This powerful combination ensures your tax strategy is both effective for today and aligned with your long-term personal and financial aspirations. Review our guide on how CFP®s and CPAs can work together for you.

Speak To A Tax Planning Financial Advisor 

At Crafted Finance, we’re here to help with all things tax planning. Our team can craft strategies that align seamlessly with your unique goals and personal financial situation. Whether it’s structuring your investments for tax efficiency, guiding you through retirement planning, or ensuring your estate planning is as tax-effective as possible, we’ve got you covered.

But what if you need specialized tax advice or services that veer more into the scope of another tax professional' No problem! We can connect you with other tax planning professionals from our vetted professional network. Whether you need a CPA for your tax preparation needs or a tax attorney, we point you in the right direction for the help you need.

Ready to take control of your taxes and make them work for you' Book a free appointment with us today using the button below. Let’s map out your financial journey together, ensuring you navigate through tax season and beyond with confidence and clarity.

Free eBook

Property Done Properly

Learn how real estate fits into your overall wealth plan.

Investment Advisory Services are offered through Crafted Finance, LLC, a registered investment adviser. Please remember that securities cannot be purchased, sold or traded via e-mail or voice message system. This advertisement and any documents, files or previous advertisements may contain information that is confidential or legally privileged.  If you are not the intended recipient, you are hereby notified that you must not read this transmission and that any disclosure, copying, printing, distribution, or any action or omission of this transmission is strictly prohibited.  If you have received this advertisement in error, please immediately notify the sender by telephone at (650) 336-0598 or return and delete the original advertisements and its attachments without reading or saving in any manner.

Share This Blog Post:

What Is A Tax-Planning Advisor?

Kristin Harad

Marketing Coach

Step right up and meet Kristin Harad, the Marketing Coach wizard! Guiding businesses through the intricate maze of marketing, Kristin combines her smarts, pizzazz, and a hefty portfolio of wins to show she’s the real deal. Ever wonder what makes a brand pop and a strategy rock? Kristin’s your answer, lighting up the marketing world and turning potential into prowess.

Boasting three decades in the marketing arena, Kristin’s more than just a seasoned pro – she’s a beacon. Whether she’s spotting the next big trend or identifying a golden opportunity, she’s always got her finger on the pulse. And the cherry on top? Her rock-solid commitment to catapulting her clients right to the top of the business game. Dive into the marketing world with Kristin, and watch magic happen!

Jon Fogg

Content Creator

Jon Fogg is a dynamic and innovative content creator who has been making waves in the digital realm. With a passion for creativity and a flair for storytelling, Jon has captivated the financial world through his engaging and diverse content.

When he’s is not working on an SEO blog or case study, you’ll find him enjoying local art galleries or a phenomenal read. Friends and colleagues often commend him for his clear enthusiasm and dedication, which is evident in every project he undertakes. 

Kingston Hollman MBA

Compliance

Meet Kingston Hollman, the compliance guru everyone’s been talking about. With a sharp mind for regulatory ins and outs, Kingston is all about keeping businesses on the straight and narrow. That’s why he’s a go-to in the compliance world!

Sporting an MBA under his belt, Kingston’s not just about book smarts. He knows the fine dance between business strategy and staying in line with the rules. And guess what? He’s mastered it. Ensuring companies sail smoothly through the often-stormy waters of compliance is his game.

From the get-go, Kingston’s been crafting top-tier compliance programs, tailored just right for all sorts of industries. It’s his eye for detail and that knack for spotting the little things that make him stand out. He doesn’t just set up a system; he fosters a whole vibe of staying compliant, making sure everyone’s on board.

Jessica Martineau

Client Operations Manager

Jessica is a seasoned professional with a diverse background, bringing a decade of expertise across multiple industries. A proud graduate of SPU, her journey in the professional world is marked by significant accomplishments.

With nearly eight years dedicated to managing projects in the graphics and built environment sectors, Jessica has honed her skills as a meticulous Project Manager. This tenure has instilled in her a knack for thriving within organized structures while fostering robust client relationships, a hallmark of her professional ethos.

Her experience in the Finance industry spans almost a decade, where she has held pivotal roles as Lead Client Operations Manager and Director of Operations. Notably, her FINRA SIE Certification stands as a testament to her commitment to excellence.

Jessica’s strengths lie in cultivating enduring client connections, fueled by her passion for delivering thorough solutions. She finds joy in understanding and engaging with her colleagues, nurturing a cohesive work culture.

As a Pacific Northwest native, Jessica enjoys hiking, camping, and skiing. She loves reading, attending live music, plays, and comedy shows. Always a foodie, she delights in discovering new restaurants and revisiting old favorites, especially if there is a water view.

Most importantly, Jessica’s world revolves around her family—her amazing husband, Lee, and their two great kids. They are her inspiration and the anchor to her life outside of work.

Dionne Kelly

Executive Assistant

Let’s dive into the world of Dionne Kelly! Born in St. Kitts and with her roots deep in Barbados, Dionne’s been globe-trotting from her island homes to Canada, the USA, and Belize. Got a love for tropical spots? So does Dionne. Her passport’s got stamps that tell tales of sun, sea, and a bunch of awesome adventures.

Now, when it comes to her profession, Dionne’s the real deal. Over 20 years in the game as an Executive Assistant, she’s been the secret ingredient for bigwig C-suite execs. Think of a challenge, and Dionne’s likely tackled it head-on with her unbeatable organizational skills and eagle eye for detail. 

Oh, and did we mention she’s a foodie? Dionne’s taste buds have danced across diverse culinary landscapes, adding a sprinkle of global flavor to her persona. In the world of executive support, she’s a powerhouse, always two steps ahead and ready to make things happen. 

Joe Wride CFP®

Founder & CEO

Meet Joe Wride, the president and founder of Crafted Finance. With a knack for pension and investment management, insurance, and financial planning, Joe’s all about offering top-notch services without breaking the bank. That’s why he started Crafted Finance!

A proud Finance major from Washington State University, Joe’s got the credentials to back it up as a Chartered Life Underwriter and CERTIFIED FINANCIAL PLANNER™ Professional. Since 2009, he’s been helping individuals, families, and pension plans make sense of their finances. Joe’s even on the board of the Financial Planning Association’s Puget Sound chapter. Check out his LinkedIn profile here.

Joe gets that everyone’s got their own money story. That’s why he’s crafted a unique process to help folks of all stripes manage their finances, whether they’re flying solo, raising a family, or running a company. He’s all about learning and growing to make sure his guidance is just the right fit for his clients.

When he’s not crunching numbers, you’ll find Joe enjoying the Seattle life. He’s into skateboarding at Alki beach, biking, golfing, snowboarding, hiking, and camping. Sports fan? You bet! Joe’s a die-hard supporter of the Cougars, Mariners, Seahawks, and Sonics. But what really matters to him is family time with his wife Jessica, daughter Ocean, and dog Kanga. Joe’s excited to welcome more kiddos into their home through foster care and adoption in the future.

Download for Free

Property Is Power.

Let us know which email address to send this Free eBook to down below:

Please enable JavaScript in your browser to complete this form.
Name
This best describes my experiance in real estate investing:

Get Your Financial Fix!

Subscribe So You Don’t Miss Our Latest Planning Tips.

Search Site