by amy armstrong
TAX TALK
INTERVIEW
Small Business and Personal Tax Planning Relationship-based approach yields savings There’s no time like the present for tax planning.
C
ertainly in September, April 15 of the following year does seem to be a long way off. Yet, it is autumn’s financial moves that lay the groundwork for minimizing tax obligations due the next spring. That is not to negate the importance of end-of-the-year efforts, but as James Thomasson, owner of Accelerated Financial Services, Inc., based in Mobile, Alabama, has experienced, those year-end efforts are often more fruitful when tax planning becomes a year-round endeavor. While his firm has its roots in tax preparation, Thomasson is now a veteran of several tax seasons branching out to offer tax planning as well. “We have a philosophy that most people in our industry are very reactive,” Thomasson said. “When I say reactive, I mean they are looking at last year’s tax return or last month’s bookkeeping and seeing where the tax liability has been, when they should be more proactive looking forward throughout the year for ways to reduce the coming tax liability for the client.” It is a mindset change – for the client and for the advisor.
10 / ADVISORS MAGAZINE
SEPT 2020
That kind of tax planning happens best in relationships that span several tax years. And, relationships are just what Thomasson and his staff aim to create while preparing client’s taxes. “We let people know that we care. They are not just a number here,” Thomasson said. “Even our clients that come in just once a year for just an hour or hour or so to do their taxes are folks that we continue last year’s conversation with this year – and we will continue this year’s conversation next year. We learn to know our clients.” Knowing the client means being able to foresee necessary changes in the client’s tax and investment situation whether those be of a personal or professional nature. Would the client’s business be better protected with an LLC or a S-Corp status? Should the client’s IRA be rolled into a ROTH? What impacts does divorce, remarriage or the birth of a child bring to the client’s financial status? Should one buy or lease a new vehicle for business or personal use? Clients are seeking answers to these and many other questions.
This is where the team at Accelerated Financial Services excels. Thomasson is a Registered Tax Return Preparer with the Internal Revenue Service, a status that gives clients assurance that the outcome of his work is aligned with the federal agency’s policies. And two full-time tax preparation specialists at Accelerated
