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Tax Loopholes!
Your tax advisor should help you find all the tax loopholes you can.
Ask these five questions when vetting a tax advisor - if their answers leave you feeling other than aligned, find another!
“Planner” below = tax advisor that does tax planning.
***Thread***
Your tax advisor should help you find all the tax loopholes you can.
Ask these five questions when vetting a tax advisor - if their answers leave you feeling other than aligned, find another!
“Planner” below = tax advisor that does tax planning.
***Thread***
1) Knowing what you know about my situation, where am I paying tax that I don't need to?
This judges their ability to see tax inefficiency in real time - indicating they naturally plan to reduce tax.
This judges their ability to see tax inefficiency in real time - indicating they naturally plan to reduce tax.
2) If I were location independent, what would be my ideal tax jurisdiction?
This judges their ability to make creative suggestions and their understanding of tax in other jurisdictions, which is important for a complete tax advisor.
This judges their ability to make creative suggestions and their understanding of tax in other jurisdictions, which is important for a complete tax advisor.
3) What potential law changes could have an impact on my tax situation? How do we mitigate tax risk or capitalize on opportunities?
Can they not only plan with current rules, but also juggle the future (where you actually pay the most tax).
Can they not only plan with current rules, but also juggle the future (where you actually pay the most tax).
4) What are some planning strategies of high-net worth individuals or corporations that may not currently fit my situation?
If they say these with ease and excitement, it tells you they are a student of tax planning.
If they say these with ease and excitement, it tells you they are a student of tax planning.
5) What should my current legal entity structure be?
If they start drawing boxes and triangles and explain it to you with ease, they do this all the time.
If they are choppy and you don’t understand, it’s probably their lack of experience.
If they start drawing boxes and triangles and explain it to you with ease, they do this all the time.
If they are choppy and you don’t understand, it’s probably their lack of experience.
6) Bonus Question - Who do you collaborate with on planning ideas?
No one plans (well) alone.
Any answer here other than “no one” is likely workable, but you want to see evidence of them being connected either though other tax pros, firms, treatises/journals, networks, etc.
No one plans (well) alone.
Any answer here other than “no one” is likely workable, but you want to see evidence of them being connected either though other tax pros, firms, treatises/journals, networks, etc.
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