Tax planning and wealth management go together better than one might think. As paying taxes applies to everyone, it’s essential we provide as much insight as possible to be financially well-rounded.
Whether you pay annual taxes or quarterly estimated taxes, understanding the direct tie wealth management and tax planning have to one another is vital.
As Copperline’s financial advisors work with clients, our team also partners with tax professionals in Cody, WY, near the beautiful Absaroka mountains. We do this to ensure everyone knows the importance of this process when planning for the future.
Wealth Management and Tax Planning
Luke McNeely and Sara Schauermann, co-founders of Copperline Wealth Management and Planning, recently sat down with Tim Poley, CPA and partner at SBW & Associates, P.C. in Cody, WY. Tim specializes in tax consulting and planning, along with tax preparation and accounting.
Read their interview about the impact tax planning has on wealth management:
Sara Schauermann (SS): Share a bit about how you and the Copperline team have worked together in the past. Why is this connection an important one for you to have and for people to understand?
Tim Poley (TP): We have worked together for clients in planning and establishing financial strategies that pursue their goals. We have helped them with donor-advised funds, Roth conversions, establishing business and personal retirement accounts, evaluating real estate and business investments, estate planning, and multiple other projects to give them confidence. We try to work together to solve problems we have the knowledge and resources for and do what we can to increase their chance of success in meeting their goals.
Luke McNeely (LM): When it comes to the cross-over between accounting and financial planning, what would you say the most significant benefits of tax planning are for an individual?
TP: Our mission statement is about giving clients confidence, and I think with proactive planning and a strong team, clients receive a lot of comfort and know what to expect. We want to ensure our clients do everything they can to be strategic about taxes and their overall after-tax net worth. Working with investment advisors allows us to dial in the clients’ goals and financial plan while ensuring we are all on the same page. Of course, we always do this with their best interest in mind.
SS: What are some common misconceptions about tax planning?
TP: I have heard many people say, “My taxes are what they are,” meaning they do not see the added value of tax planning. Sometimes there is not a lot we can do depending on their situation. However, a good percentage of the time, we can give them something to consider. There are many options within the tax code to take advantage of if you know they are there.
With all of the new tax laws that have passed and new ones on the horizon, it is more important than ever to plan for taxes. We follow the changes closely, and it can have a significant tax impact depending on the client’s situation.
LM: If people are unsure of how to begin this process, what would be your recommendation from an accounting perspective?
TP: There is so much information in the tax code, and each new bill seems to complicate things further. I may be a bit biased, but I feel the first step with tax planning is to find a CPA you can connect with and trust and put them in touch with your investment advisor. You can then let them know your planning goals and touch base regularly. We do this type of work every day and have worked through many situations that clients have benefitted from. We start our “planning season” right after the October 15th extension deadline through the end of the year.
Learn more about Copperline’s Services
Your financial future is essential and something that we want to help prioritize. As a people-oriented business, it’s Copperline’s commitment to providing wholesome financial advising strategies for every season—including tax planning.
For more resources about financial planning, check out our other articles on our website and follow us on Facebook. If you’re interested in learning more about financial advising services in Cody, Wyoming, or wherever you’re located, we encourage you to reach out to our team.
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Tim Poley and SBW & Associates, P.C. are not affiliated with or endorsed by LPL Financial and Copperline Wealth Management and Planning.
