A typical tax professional meets with you once per year to tally up your previous income and expenses, then prepare your return. The process focuses only on what you did in the past. If you made a mistake that resulted in you owing more than normal, you’re simply out of luck.
Working with a Certified Tax Coach is different. A Certified Tax Coach taxes a proactive approach to saving you money. Instead of focusing on the past, they focus on the future. They’ll work on your behalf all year long to take advantage of every possible money-saving deduction, credit, loophole, and strategy.
At Quraishi Law Firm & Wealth Management, we believe your money is a tool that should be used to help you live your best life. Our Certified Tax Coaches are committed to ensuring you don’t pay a penny more in taxes than what is absolutely necessary. You’ve worked hard for your success and we believe it’s up to you to decide where your earnings go.
The Role of a Certified Tax Coach
Certified Tax Coaches are tax professionals who have completed special training, along with ongoing continuing education requirements. They also must adhere to the American Institute of Certified Tax Coaches Code of Ethics to maintain their certification.
Certified Tax Coaches know you can’t afford to wait until April 15 to think about your tax bill. The Internal Revenue Code is notoriously complex, so staying on top of changes and adjusting your strategy accordingly is essential.
There are three groups of people who can most benefit from the services a Certified Tax Coach offers.
- Business owners. Small businesses, even if they are side hustles that don’t constitute your primary source of income, can be effective tax shelters.
- Real estate owners. Tax laws favor real estate investment as part of national efforts to make housing more affordable.
- Committed investors. If you’re working on expanding your portfolio, knowing which types of investments provide tax-advantaged or tax-free income can help you reach your financial goals more easily.
Creating Plans That Fit Your Unique Needs
Certified Tax Coaches create plans that are personalized to fit your unique needs. For example, if you own a business, a Certified Tax Coach at Quraishi Law Firm & Wealth Management might suggest looking into the following frequently overlooked deductions:
- Wages paid to your minor children who helped with various business-related tasks
- Payments for health insurance and long-term care insurance
- Magazine or software subscriptions related to your industry
- Advertising costs
- Travel and entertainment expenses
- Gifts to clients or business associates
In addition to increasing your deductions, your Certified Tax Coach can offer guidance on the best way to grow your assets without adding to your tax burden. For example, the IRS defines passive income as “net rental income and income from a business in which the taxpayer does not materially participate.” Passive income can offer significant tax advantages while providing you with the freedom and flexibility to pursue both short-term and long-term financial goals.
Quraishi Law Firm & Wealth Management clients save an average of $11,000 per year by using our techniques to create a ProActive Tax Plan.
Our One-Stop-Shop Makes it Easier Than Ever to Take Control of Your Future
Quraishi Law Firm & Wealth Management wants to make it as easy and convenient as possible to start utilizing the full potential of your wealth. Often, those who want to get their finances under control are forced to rely on a team of professionals who don’t regularly communicate with each other.
Our approach is unique in that our team of experienced financial planners, accountants, and attorneys work together to provide an integrated one-stop-shop designed to meet all your financial and legal needs. Client education is a key component of our services, and we’re happy to answer any questions you may have about the various components of your financial plan. We want you to understand how your money is working for you.
Quraishi Law Firm & Wealth Management serves clients throughout Northeast and Central Arkansas at our Jonesboro and Little Rock office locations. We are also available to meet with clients in our Memphis, Tennessee office. Schedule a free 15 minute call today to discuss how we can assist with your tax, investment, and financial planning needs.