Think for a minute about why wills are written… Read More »
“Birth of the Tax SuperSheet™”
In 1992, Roger Kruse (advisor and founder of FFP Wealth Management) began the endeavor of building a tax planning tool for the benefit of his clients. When offering tax advice, Roger wanted be able to illustrate the benefits…
The tax code is passive in the favor of the IRS. This means that doing nothing will likely increase income taxes. Most of the tax code requires the taxpayer to take action, in most cases before year end.
Don’t expect your tax preparer to develop tax strategies. Tax preparation of Minneapolis, MN looks back in time, planning looks forward. Waiting to determine the tax liability until filing taxes prevents the potential to offset taxes with other strategies. The outcome of tax planning is dependent on all of the factors related to the individual tax return and will be different for each household. It takes time, but can be very rewarding.
Income taxes can be the largest expense during a lifetime. Taxes can be even greater when leaving assets to heirs. It is for this reason that Tax planning should not be left to a guesswork. Let FFP Wealth Management eliminate the guesswork with a financial plan using the Tax SuperSheet™.
Many financial planning professionals retreat when tax planning is mentioned. Altogether too many advisors ask the client for their tax rate then apply rules of thumb to illustrate the proposed benefits their recommendations. FFP Wealth Management has long ago learned that income tax planning with rules of thumb could often lead to decisions that are harmful to personal finances.
Based on our experience, FFP Wealth Management has developed the Tax SuperSheet™. This tool calculates the impact of strategies based on the tax code, not on rules of thumb. The TSS allows our advisors to illustrate information that clients need when making complicated financial decisions.