Tax Planning: The Crucial Step You Don’t Even Know You’re Missing

If you’re seeing your accountant only to file your taxes, then you’re missing one of the most important steps in preserving wealth. Here’s the crucial step that could help you save — now more than ever.

What’s tax planning? Tax planning is typically the thing that just doesn’t get done regarding your finances. As a business owner, you might have a more proactive approach toward tax planning, as entrepreneurship often requires. But if you’re working with your accountant only to file your taxes, then you’re missing out on one of the most advantageous areas of

financial planning — and the potential tax savings that come with it.

Let’s dive into the difference between tax preparation and tax planning.


Tax preparation is the process an accountant goes through to analyze and prepare your tax return for filing to the IRS and California Franchise Tax Board (or your particular state) on April 15th every year (or October 15th if you file an extension).


Tax planning produces a proactive, evolving game plan to maximize your tax savings not only for now but also looking to the future. It’s an ongoing process that changes as your life does, and you must do it before year-end. At Vance Wealth, we consider tax planning vital. We work with our clients to create a tax planning framework that maximizes savings while putting your priorities first. We’ll use various strategies to optimize tax savings based on your financial goals. We’ll then meet with our clients before year-end to review tax-saving strategies for the upcoming deadline.


Tax planning is an essential piece of the puzzle at Vance Wealth because we believe we have a unique view of your finances that’s optimal for tax planning.

Here’s why:

  1. Big-Picture View

We know your goals, dreams, and plans for the future. It’s our job to help you anticipate how much you’ll need over a lifetime. We know your plans for charitable giving and retirement and how much you want to leave for your children. As financial planners, we see the big-picture view of your finances and your life, giving us a holistic view.

  1. Microscopic View

We also know how to pull out the microscope when we need to. As financial planners, we help you keep track of the details of your financial life, ensuring they work together to move you toward your dreams. Whether it’s a nuanced understanding of your portfolio or a deep understanding of your spending goals, we can see how all the pieces work together in order to provide the best outcome.

  1. Collaboration

One of the most significant benefits of tax planning with a CFP® professional is the opportunity for collaboration. Having another set of eyes on your team will help you see more clearly. At Vance Wealth, we’re big believers that collaboration drives success because we’ve seen the results. In our experience, collaborating with your CFP® and tax professional can improve outcomes dramatically.

Today, tax planning is more critical than ever.

Please book a complimentary consultation today to set up a consultation with one of our Certified Financial Planner™ Professionals!

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.

The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.

Vance Wealth, Inc. (“Vance Wealth”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Vance Wealth and its representatives are properly licensed or exempt