There is a familiar buzz in the air this time of year. Some anxiously awaiting their tax refund, others wondering why the heck they aren’t getting a tax refund at all. Even worse, some shocked by the news of a big fat tax bill they weren’t expecting. We all start to believe, or at the very least wonder, if an effective tax strategy is determined by the answer to this one question - “how big is your tax refund?”
The value of an effective tax strategy is NOT measured by the size of your refund by any means. Here are a few items to consider as you measure the value of your tax accountant and evaluate the effectiveness of your current tax strategy:
The true value of your tax accountant and tax strategy lies in minimizing your overall tax burden and understanding what you can do to keep more money in your pocket. An effective tax strategy must be identified and implemented long before a tax return is due.
So, the next time you are tempted to use the “how big is your tax refund” question as your measuring stick, remember there are much more important questions to consider and adjustments to be made.
Next Step Blog
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