5 Benefits of Having Tax and Financial Services Under the Same Roof

May 17, 2019 1:52:00 PM / by Jason Shaw


Tax planning and preparation is an essential part of an overall financial plan. To make the most of your income and assets, it’s important to consider the tax implications of every financial move you make. Likewise, an understanding of the wide range of investment choices available is beneficial in the effort to keep your tax obligations to a minimum. 

Because of the close interrelationship between tax planning and financial planning, having the same firm handle your taxes and financial planning can be extremely beneficial. Here are five examples of how this combination of expertise can help you make the most of your financial resources. 


1. Maximize retirement savings.

Savers have several tax-advantaged options when putting money away for retirement, including traditional and Roth IRA plans and 401(k)s. Which vehicle or combination of vehicles will be most beneficial for you depends on a number of considerations, including your age, your current income, your anticipated income after retirement, and options available through your employer. A professional who specializes in both tax and financial planning can help you understand how to reap the best advantages given your unique circumstances and goals.

2. Choose the education fund that fits your family.

Many people know about 529 plans to save for their children’s education, and these are ideal choices for many families. There are other education savings options, however, that can also deliver certain tax advantages and provide more flexibility than a 529 plan. To determine which will be most beneficial for your family, it’s necessary to understand your family’s education funding needs and priorities as well as your income and tax position.


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3. Get up-to-date advice for tax-efficient investment.

The tax code changes every year—some years more dramatically than others. To get the current best advice about what investments are likely to be most beneficial for you, given both anticipated returns and tax implications, it’s necessary to choose a professional who stays abreast of the latest changes to the tax code and how they influence the net return on various investments.


4. Leave more for your heirs.

To best advise you on planning your estate, a financial advisor should also have a thorough understanding of the tax implications of various forms of giving. A financial planner who also specializes in tax planning can help you identify the ideal times and ways for you to provide support for your heirs as well as your favorite charities, minimizing the tax implications involved. 


5. Get personalized investment advice.

To give you the best investment advice for your unique situation, a financial advisor must also understand your tax and income picture. For example, individuals with less taxable income will benefit less from investments that offer immediate tax advantages than those with a greater tax burden. As income and tax liability shift over a person’s life, so must their investments if they are to provide the maximum possible benefit.


At Boelman Shaw, we specialize in tax and financial planning to provide our clients effective, personalized guidance for managing their finances. Click the image below to get in touch and discuss how we can help you. 

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Topics: Financial Planning, Tax Services

Written by Jason Shaw