Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck delve into the critical topic of tax planning and its significant impact on wealth management. They discuss the difference between tax planning and tax preparation, emphasizing the importance of proactive strategies to optimize tax situations over time. The conversation highlights the necessity of starting tax planning early, the need for a shift in mindset regarding tax preparation, and the value of working with specialists in the field. The hosts provide insights on how to approach tax planning tactically and strategically, ensuring that listeners understand the long-term benefits of thoughtful financial decisions.

Resources:

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• 12 Point Tax Review Check List
  

Connect with Will Hoffman: 

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• Hoffman Wealth Management
  
• (724) 522-5411
  
• will@hoffmanwealth.com
  
• LinkedIn: Will Hoffman 
  
• Facebook: Hoffman Wealth Management 
  
• YouTube: Hoffman Wealth Management
  

Takeaways:

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• Tax planning is crucial for wealth management.
  
• Proactive tax strategies can significantly impact financial outcomes.
  
• Tax preparation is merely a historical record of past actions.
  
• Understanding the difference between tax planning and preparation is essential.
  
• Starting tax planning early can lead to better financial health.
  
• Regular check-ins on tax situations are important for long-term success.
  
• Shifting the narrative from compliance to strategy is key.
  
• A tactical approach to tax planning can yield substantial savings.
  
• Collaboration with specialists enhances tax planning effectiveness.
  
• Long-term tax strategies can alleviate stress during retirement.