When many people first go into tax planning, they feel they do not have enough information about tax planning to be able to move forward with clients and with their business.
They are intimidated by the US tax code which is 70,000+ pages long, and that is just the US.
Those 70,000+ pages do not encompass the knowledge they need in order to help clients save tax internationally. Ultimately, even though people know intellectually that they will never be able to know everything about tax, they become paralyzed with the fear that they are not prepared.
Consider this graphic below (click read more to view the entire graphic)…
If your goal is to get the client to the most optimal tax situation where they are getting all the savings possible under the tax code, that is simply not possible.
However, if you change your perspective to getting the client to a better state than where they were before they started working with you, that is completely achievable.
“Having a tax planning business is not about having absolute knowledge of the tax code. It is about having enough knowledge to help a business owner save money in taxes.”
If you can reach a higher level of awareness about where you are now and how you and the client fit into the graphic, you will have more confidence to do tax planning for clients.
To learn more about the tax planning process, click the button below!