A prudent financial adviser will encourage all clients to plan. As the saying goes,” no one plans to fail but many fail to plan.”
TGG constantly strives to be proactive in fulfilling our role as the clients most trusted adviser. For example, the filing of a tax return should be a formality and contain no surprises whether tax is owed or a refund received. We feel that any client that is surprised at tax time has not been properly advised.
For our many clients who are not employees and do not receive a W-2, tax paying is likely a quarterly event that must be approached with a plan in mind. Many payment options need to be considered that will eliminate penalties and interest and maximize the use of our hard earned money.
We attempt to make our clients aware of other planning areas to consider such as estate planning with gifting, investment planning such as timing of gain or loss recognition. We focus on optimum utilization of losses, both capital and ordinary.
Many people make investments through pass through entities and receive a Schedule K-1. We possess particular expertise in mining the many crucial pieces of information on a K-1 including tracking and managing suspended losses.