Why You Pay Too Much In Taxes
A tax return is a report – not a strategy
Virginia Beach, VA— Every year taxpayers end up paying too much. Professional tax preparer, Frank Tehel, EA, offers some insider knowledge on why taxpayers pay more than they should in taxes each year, and how today you can begin to pay less.
“There are two main things to understand about taxes. Truth #1: The tax system is not fair. The 1%’s of the world operate under a very different system than most regular tax payers. Not because they’re politically-connected (although they are),” Tehel said. “It’s because they understand this second truth: A tax return is a report, not a strategy...there is a much better way to fly. It’s called tax planning.”
Tax planning in most cases is made up of three parts.
- Strategic review: Assess the current situation, and identify short-, mid-, and long-term goals and strategies to lessen your taxes, and grow your income.
- Implementation: This can be a bit tricky (especially if you do it yourself), because there are bound to be accounting and local regulatory questions which arise. Typically you’ll want to stay with your same team who developed the tax strategy so they make sure you’re doing what you need to do.
- Proper compliance: There are plenty of individuals out there who will give you “the secrets to paying less taxes!!!” -- but are they willing to put their name on a dotted line and defend it? If not, RUN from these people. Worst case, they know that their advice will lead to a fraudulent return.
It’s easy to forget about taxes until tax season, but according to Tehel, now is the time to plan.
“The main thing to understand is that in order to REALLY get your tax situation improved, to pay less in taxes, you MUST plan ahead. Otherwise, you’re just cleaning up a mess when filing your tax return,” Tehel said.
Frank Tehel, EA has been providing accounting, tax and advisory services since 1972. His business, The Investor’s Tax Service, provides stock, bond, mutual fund, and real estate investors with the appropriate tax and planning services they require. He also helps individuals and families save money on taxes. Give him a call (757) 497-2735, email firstname.lastname@example.org or visit his website http://virginiabeach-taxes.com.
- Contact Information
- Neely Elstrodt
- Treasury, CRPC
- The Investor’s Tax Service
- (1) (757) 497-2735
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