Finding Insights In Your Tax Returns

Finding Insights In Your Tax Returns

June 01, 2023

We are excited to launch a new, value add service – it is a tax planning software called Holistiplan.

Using advanced Optical Character Recognition (OCR) technology, Holistiplan reads a tax return and identifies strategies to maximize deductions and minimize tax liability.

The future of tax planning is here, and we are excited to bring this innovative technology to our clients!

Yes, it’s June.  Tax season was back in April.  Are we done with taxes for the year?  Not yet!  We have some important work to do with your tax return…  Let's analyze it and see how we can improve tax planning for next April.  

We understand that taxes may not be the most exciting topic, but they do present a fantastic opportunity for us to reassess and refine your overall financial strategy.

By incorporating your tax situation into our overall financial planning approach, we can work together to help minimize your tax liability.  With Holistiplan we can plan for opportunities to use in collaboration with your tax professional next year.  

Some of the ways we leverage tax returns in our overall process include the following:

  • Tax-Efficient Portfolio Management: A thorough understanding of your tax situation puts us in a better position to understand your overall personal finances. That can allow us to discuss different approaches, which may lead to a more tax-efficient investment strategy.

  • Retirement Optimization: Comprehensive knowledge of your tax situation allows us to better understand the roleeach of your retirement accounts plays in your overall financial strategy.

  • Tax-Sensitive Withdrawal Strategies: Taxes are one factor to consider when withdrawing money from your accounts during retirement.  We can show you illustrations so you can better visualize why tax management is a critical factor when making withdrawal decisions.

  • Coordination of Tax Strategies with Your CPA: Having a clear understanding of your tax situation allows us to collaborate effectively with your certified public accountant (CPA). A well-structured financial strategy should take into account your tax situation as well as a variety of other factors.

  • Ongoing Tax Management: Tax laws and regulations are constantly changing. By reviewing your tax returns periodically, we can show you potential adjustments in your financial strategy that may help address new laws and regulations, and especially those new regulations based on your specific state. 

If you are interested in taking advantage of this technology, let us know and Liana will send you a secure email so you can send us your 2022 tax return.

Once we have the return, we will securely upload it to Holistiplan which will identify tax planning opportunities. Sarin and Lumina will review the findings, prepare a report, and follow up with actionable items.

Won’t it feel good to know that the insights lying in your tax return are being gathered and analyzed for optimization? 

We are excited to get to work on your unique tax report.  

Thank you for the trust you've placed in our team.  We remain dedicated to helping you pursue your family's financial goals and are honored to be part of your journey.