Tax Planning

August 17, 2021

Reducing Uncertainty

When it comes to planning, there is only one thing that should be assumed to be certain and that is change. Your goals, circumstances, priorities and even the tax laws will change. I have a good friend who is an attorney and I've never known anyone that reminds me of this old saying so much, "when your only tool is a hammer, every problem tends to look like a nail."

When it comes to tax planning in particular, there's very little in the way of generic advice that can be offered. Every taxpayer has their own unique set of circumstances that can factor into the planning equation.

What is the biggest personal expense you will incur in your lifetime? Most people say "my home." It is true that your personal residence is most likely the single largest purchase you will make in your lifetime, but it is not the biggest expense you will incur in your lifetime. The correct answer is "taxes."

I've been doing this for 35 years and I can't tell you how many times I've met with people who implemented some tax strategy because a family member, friend or acquaintance had received advice. And lo and behold, the strategy backfired on them or had less than favorable results when they applied the same principles to their situation.

"Oh sure, it's okay to borrow some basic principles from others, but if you really want to reduce the uncertainties in your financial future, create, execute, monitor and reassess your own plan."
Gregory J. Cook
Gregory J. Cook, EA, CPA
Accredited Tax Advisor
Gregory J. Cook, EA, CPA, CGMA, Accredited Tax Advisor

Greg Cook, EA, CPA Accredited Tax Advisor desk plate

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