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Your Tax Clients are Overpaying

Every year, accountants ask their clients to send in their W2s and 1099s. It’s all part of the tax preparation cycle. 

However, for the vast majority of accountants, what’s not part of this annual process is proactive tax planning. Perhaps this is because many CPAs believe their clients can’t save much money in taxes, so they’ve never bothered to look into it.

In fact, many tax professionals believe tax planning is only for the rich and that it cannot benefit their clients. 

But here’s a little secret:

Tax planning isn’t just for high net worth individuals—it can be beneficial for many taxpayers. 

For example, how many of your clients are business owners? Or are homeowners? You can potentially save these types of clients money in taxes this year. 

For example, there are over 20 million sole proprietors in the US who file as a Schedule C, yet sole proprietorships are usually not the most tax efficient entity type. Do you have any clients who have a sole proprietorship? If so, you can likely save them a significant amount in taxes. 

Next, how many of your non-business clients own a home? 65% of Americans own homes, so many of your clients likely do too. Homeowners qualify for several tax incentives.

For example, the mortgage interest deduction allows them to deduct interest on up to $750,000 of debt used to buy, build or substantially improve their primary home.

These are just a few of the many, many possible tax planning strategies your clients could use. Remember, tax planning isn’t just for high net worth individuals. It can be beneficial for many of your clients. 

This is why selling tax plans could result in significant revenue for your firm, and why it’s vital for you to go beyond just tax preparation. 

Take the first step today, see our state of the art tax planning software that helps you automate the entire process.  Visit Corvee.com today.