Episode 110 - Why Your Tax Bill Keeps Surprising You!

Tax season brings more than just filing deadlines. It can reveal gaps in planning that may impact your financial picture over time. In this episode, Laura and Jeremiah explore the difference between tax preparation and proactive tax planning, and why many individuals and business owners find themselves reacting to tax bills instead of anticipating them. From unexpected tax liabilities to common planning gaps, Laura and Jeremiah break down general scenarios and key considerations individuals may encounter, including: • Why year to year tax planning can create unnecessary financial stress. • Common reasons behind surprise tax bills. • How multi-year tax strategies may provide greater visibility over time. • The importance of aligning your CPA and financial advisor. • Considerations for business owners, high-income earners, and retirees. • How account diversification and timing decisions may impact long-term tax outcomes. They also discuss planning concepts such as retirement account strategies, charitable giving approaches, and considerations when preparing for major financial events like a business sale. The key takeaway: thoughtful, forward-looking planning can help create more clarity and flexibility over time. If you’ve ever felt surprised by your tax bill or unsure about what’s ahead, this episode offers a framework to begin thinking more proactively. #TaxPlanning #TaxStrategy #FinancialPlanning #WealthPlanning #BusinessOwners #WealthManagement #Entrepreneurs #RetirementPlanning --- Information and ideas discussed are general in nature and should not be considered specific financial, legal, or tax advice. This content is for informational purposes only and does not create an advisory, fiduciary, or attorney-client relationship. All investments involve risk, including the possible loss of principal. Past performance does not guarantee future results. Examples discussed are hypothetical and for illustrative purposes only. Individual situations will vary. You should consult your own financial advisor, tax professional, or attorney before making any decisions. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Adviser. Jeremiah Lee is a California licensed attorney. Randy Barkley is a life insurance agent (CA License #0518567).