Season 5 Episode 8 Tax Planning: A Lifetime Approach to Minimize Your Taxes

Tax Planning: A Lifetime Approach to Minimize Your Taxes

In today’s episode, we dive into the topic of taxes, drawing inspiration from Benjamin Franklin’s famous quote: “There are only two things certain in life, death and taxes.”

Considering the uncertainty surrounding taxes and the fear it can evoke, we emphasize the importance of having a plan in case of tax increases. While your current tax rate forms the basis of our strategy, we also incorporate a contingency for potential future tax rate hikes, stressing the need for preparation regardless of your decision to convert to a Roth or not.

Now, let me introduce Becca Ollar, whose unique background as a CPA with experience in financial planning sets her apart. Unlike CPAs in accounting firms primarily dealing with business and corporate returns, Becca’s focus within a financial planning firm revolves around individual planning.

In CPA firms or accounting firms, the work often happens behind closed doors with minimal interaction. Unlike the typical accounting firm setup where clients drop off tax documents in February and only reconnect in March or the following year, working with Becca involves more engagement and conversation throughout the year.

It’s rare to find a CPA focused on building meaningful relationships and actively helping clients achieve their goals, rather than just offering tax preparation services. This approach involves proactive communication, strategic planning before deadlines, and a partnership mentality, ensuring clients are well-informed and minimizing surprises come tax time.

The advantage of combining CPA and financial advisor services lies in seamless access to comprehensive records and consistent advice. The proactive approach, often lacking in traditional tax preparation services, is crucial for a positive client experience.

Interested in Tax Preparation? Call our office at 816.246.WISE (9473), or visit our website,

Watch or listen to the full episode to hear Stephen’s perspective on paying taxes upfront on the seed, rather than navigating the uncertainties of future tax rates and amounts during the harvest. Also learn other tax strategies such as:

  • Maximize conversion amount within the current tax bracket.
  • Evaluate the Impact of Moving to Higher Tax Brackets: g., 12% to 22% versus 22% to 24%.

By incorporating these insights into your tax planning, you can make informed decisions that align with your financial goals.