FAQ about tax planning


Taxes are easily one of the most stressful times of the year, coming right out of the holidays and during the New Year’s festivities. Most of us dread the day we have to sit down and get started on such a big task . . . especially if you’re a business owner or have unique, complicated situations to handle within your personal tax filing. It can be time consuming, as well as expensive if errors are made.

That is why we at Denver Tax Advisors want to make this process easier for everyone with our exclusive tax services. From preparation to planning to working through problems, we want to be there with you every step of the way. We strongly believe the secret ingredient to a smooth tax season is tax planning . . . but so many Colorado residents don’t understand the major benefit this important step provides your tax return and process.

FAQ For Tax Planning

Our Denver tax planning solutions have been an amazing help to our clients for years. Here are some of the most common questions we get about this practice, and how we answer them. After learning more about the importance of this tax step, you can better understand how we can help you get through the tax season every year without stress or trouble.

What Is Tax Planning?

Put simply, tax planning is a full analysis from a tax standpoint, where every part of the year is planned out to make the actual tax filing easier. In a deeper sense of the term, it’s looking deep into all of the loopholes, liabilities, and more to get the most out of your year. It’s designed to streamline your taxes, but also help you cut corners where unnecessary revenue is being lost in the name of taxes.

Does Tax Planning Really Help?

Of course! You will be greatly improving your tax efficiency, saving money and time, as well as cutting out some extra costs you may not have even noticed before. By owing less to the IRS, you will go into each New Year with more in the budget, and spend less time agonizing over taxes or paying someone else to do it for you.

Tax planning for retirement plans are another important aspect to this service, too. It’s often overlooked, but accounting for your 401K and other retirement plans in your taxes will be important in the long-run. As a business owner, this should be on your mind.

Can I Do Tax Planning On My Own?

If you have history and education in accounting, or even just general tax services, you can absolutely do some tax planning on your own. It’s actually recommended that everyone does some form of planning for the tax year, by either focusing on preparation throughout the season or by implementing an organization system for receipts and important documents. However, to truly get the most out of tax planning, it’s always best to hire a tax advisor who can truly dig deep into your finances and come up with the best strategies. Tax advisors know the law, and the way it frequently changes, so they know where and what to look for.