Tax planning and consulting services are one of the highest value-based services we can offer as tax professionals. All our clients have a common goal, to reduce their tax liability.
As professionals, we know that the equation is a lot more complex than that. More than just reducing tax liability, we need to understand what our client’s long-term goals are. Are they planning to buy a house? Are they starting a business? Is their business income growing? Are they saving for retirement?
There are a million complexities in any different scenario and creating tax planning projections throughout the year for clients can become incredibly time-consuming.
Tax Planner Pro is a great tool for making this process more efficient. The software allows you to upload prior year copies of a client’s Form 1040 as well as connect business accounting software such as Quickbooks and Xero.
Businesses can be linked to individual client accounts in the cases of passthrough entities. You can edit business financials in the software for changes you know you need to take into consideration that is not necessarily reflected in the accounting records yet. Columns allow you to compare the current real-time financials with your tax projection changes and then flow information into planning for your individual client.
There are a million complexities in any different scenario and creating tax planning projections throughout the year for clients can become incredibly time-consuming.
Information from individual tax returns such as the number of dependents, sources of income, and deductions will be pulled in from a prior year’s return and set up in your projection calculations in the software.
The software will then compile information to create a summary report you can provide to your clients. Reports include not just projections of the calculated taxable income and potential liability, but the planner will actually make suggestions for your clients based on what it does and does not recognize as already existing in the client’s return.
For example, if a client is not currently contributing to retirement savings the software will include that recommendation as a part of the report. Additionally, if a client is missing out on potential credits or deductions based on what the software recognizes, those may come up as suggestions on the reports.
Reports are a fantastic value add tool that can be shared with clients as a tangible deliverable as a part of your tax planning services. Services can often be difficult for clients to understand value.
Because they don’t receive a tangible product, sometimes it can be harder to sell with the understanding that your knowledge is what they are paying for. Tax Planner Pro is a great tool to allow you and your team to not only prepare tax planning calculations more efficiently but also provide your clients with a tangible product that demonstrates value.
