Colette Woods (The 1040 Shero)
West Harbour Financial Group
Colette Woods is well trained in the field of both tax preparation and tax restoration, with several years of combined experience in both areas. Her expertise is in small business tax for new business owners/entrepreneurs, side-giggers, and individuals in need of help with past year tax delinquencies. She received her B.S. in Business Administration with a concentration in Organization Innovation from the University of Phoenix.
Financial specialists are 3rd party vendors and NOT employees of The Queen BluePrint
Why is tax planning just as important as tax prep?
What is “tax planning”? What does long-term tax planning look like?
Tax planning is effectively managing a taxpayer’s financial situation to minimize the tax burden at the federal and state level for both the near and long-term
Tax planning could be simple, such as making sure a taxpayer has enough withholdings to avoid tax estimate underpayment penalties, to incredibly complex scenarios, for example planning for a capital liquidation event. Long-term planning often involves ongoing discussions with clients about their long-term goals and what they hope to achieve with their wealth. It often includes working with families to capitalize on the increased estate tax exemption
Tax planning does not have to be intimidating. If a taxpayer is comfortable managing their own investment portfolio, they might be able to self-review their unrealized losses regularly and determine whether it’s worthwhile to realize losses and mitigate any recognized gains. Taxpayers could also decide to “bundle” charitable contributions in a given tax year in order to maximize itemized deductions
excerpts from harnesswealth.com