Issue #59: Tax Planning Unleashed

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Tax Planning: The Art of Balancing Long-Term Dreams and Short-Term Wins

As we gear up for the end of the year, tax planning takes the spotlight. We're knee-deep in it with our business owner clients, side-by-side with accountants, ensuring the financial game is on point. But before we dive into the nitty-gritty strategies next week, let's break down the basics.

I confess, I grew up in the dark about taxes, and let's face it, most of us did. So what's tax planning in my no-nonsense language? It's the art of aligning your long-term dreams (think retirement, buying a home, savings) with your short-term wins. It's about ensuring we're not bleeding cash in the short term so we can hit those big goals without a financial hangover.

Balance is key. Pay too much in taxes now, and you're limiting what you can do down the road. Pay too little, and you might face roadblocks in lending. It's a tightrope walk, my friends.

Behind the Scenes: How Tax Planning Actually Works

Now, I know you're wondering, "How the hell does this work for me?" Simple—get yourself an accountant who dives into tax planning. And if you don't have a financial planner in the mix, get one, or at least have one lead the conversation.

At Black Mammoth , we tag-team with accountants. It's like a financial tango. Accountants aim for minimal taxes, and financial planners, like us, aim to achieve your long-term goals. Together, we create a financial symphony.

Picture this: we come into a meeting armed with all your financial details. We spill it out, review it with the accountant, and voila, we know what your tax bill will roughly look like. Then comes the fun part—strategies. We talk retirement plans, IRAs, real estate, cars—everything that impacts your financial picture. We align these moves with your goals.

After the meeting, the accountant and I go back, figure out the best route, and present it to you. You'll roughly know your tax bill by March or April. But here's the big picture: we, as financial planners, know what you're aiming for. Are you eyeing a loan for the next phase of your business, a new car, or a home? We've got to show the right numbers for the game to work.

In a nutshell, tax planning is simple for you, a ton of work on the backend for us, but it's crucial. Not every CPA, accountant, or financial planner dives into it because it's time-consuming. But trust me, it's one of the most critical annual rituals for the most efficient goal-smashing.

Elizabeth Erin Designs Unleashed

Let's take a wild ride into the world of design with one of my OGs - Elizabeth Erin Designs (EED). This design powerhouse is more than just a client; they're part of the family. Trust me; if they can handle my chaos, they can transform your space into something mind-blowing.

If you're thinking of building, renovating, or just want to sprinkle some magic on your place, EED is your go-to. It's like financial planning but for your damn space – they create, design, and make sure everything's as sexy as your financial plan.

Check out this kickass Video that spills the beans on their process.

Ensured Ease Design: Mastering the EED Process

Meet Jodi, the genius behind the Ensured Ease Design Process (EED Process). It's not just some fancy acronym; it's a game-changer. Imagine having control over your budget during a construction or remodeling project. Without design support, you're flirting with an 85% chance of going over budget by 20% or more. EDD flips the script – they put you in control, making sure your vision and budget are a match made in heaven.

So here's the deal – don't wait till your walls scream for a redo. Get EED in on the ground floor. Let them weave their design magic and save you from budget disasters.

Your space deserves some Elizabeth Erin Designs love. Check them out at Elizabeth Erin Designs and see the EED Process in action. Also check out the full episode below or here for Spotify or Apple podcast .

Next Issue Teaser: Unleashing Tax Strategies (Issue #60)

Issue number 60 is dropping next, and we're diving deeper into some tax strategies. So stay tuned, share, and make sure you're following us on socials. We crave more engagement, and your journey to financial wisdom continues. Until next week, let's keep the money talk going!

#NoBSWealth?Clip of The Week

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