09/08/2025
I haven't been very active on this page, but that's changing.
I'll be making posts covering common problems that are often misunderstood. Today's post is about your taxes in general and what role the preparer plays in preparing them
The tax return is basically your income statement. P & L to many. The data you send me is all about income you have for the year and available deductions.
What you don't send me is information that regards your balance sheet. You need both to determine your financial position.
And that leads to the question of retirement. That balance sheet is a critical part of analyzing your financial situation. The big question I hear is how much tax will I pay in retirement?
My first question is that depends on what assets and sources of income do you have.
So here's what I can do. Let's do a projection of that. That involves a couple of hours of time for most people. I have time at the end of the year to do these. Just give me a call and I'll provide you a list of the data that's needed.
A quick example. A client was worried about the effects of the dreaded RMD. I did this projection for him and his tax was going to be about 4% of his total income.
Give me a call if you interested.
