YFP 290: Getting Ready for Tax Season

Sean Richards, CPA, EA returns to the podcast to discuss difference between tax planning and tax preparation, how effective tax planning can prevent costly mistakes, tax changes for 2023, and the basics of YFP’s Comprehensive Tax Planning. 

About Today’s Guest

Sean Richards, CPA, EA, received his undergraduate degree in Corporate Finance and Accounting, as well as his Master of Accountancy, from Bentley University in Waltham, MA. Sean has been a Certified Public Accountant (CPA) since 2015 and received his Enrolled Agent certification earlier this year. Prior to joining the YFP team, Sean was the Senior Treasury Manager at PRA Group, a global debt buyer based in Norfolk, VA. He began his career at American Tower Corporation where, over 10 years, he held several positions in audit, treasury, and accounting. As the Director of YFP Tax, Sean focuses on broadening the company’s existing tax planning and preparation operations, as well as developing and launching new accounting offerings, including bookkeeping, payroll, and fractional CFO services.

Episode Summary

This week on the YFP Podcast, YFP Co-Founder & CEO, Tim Ulbrich, PharmD, welcomes Sean Richards, CPA, EA, back to the podcast to discuss getting ready for tax season. In their conversation, Tim and Sean discuss the difference between tax planning and tax preparation, how effective tax planning can prevent costly mistakes, tax changes for 2023, and the basics of YFP Comprehensive Tax Planning. Listeners will hear ways to prevent costly mistakes during tax filing season, including building a strategy around PSLF, nuances of real estate investing, and the impact of a side hustle or additional business income. Sean explains that the best way to avoid these mistakes would be through proactive tax planning throughout the year, but in particular, before tax season. Tim leads the conversation to the differences between tax planning and tax preparation, plus various tax changes for the 2023 tax filing season and into the future. Sean shares resources and information on changes to charitable contributions, energy credits, and clean energy credits. Sean closes out the conversation with an introduction to YFP Tax, the new YFP Tax website, and the various services available to clients including YFP’s Comprehensive Tax Planning (CTP), what it is, and the type of client the service would be a good fit for. 

Links Mentioned in Today’s Episode

• Learn more about YFP Tax
• YFP Tax Comprehensive Tax Planning
• YFP 283: How to Optimize Your Tax Situation with Sean Richards, CPA
• You Can’t Undo That: How Tax Planning Can Prevent Costly Mistakes
• YFP Real Estate Investing Podcast
• Inflation Reduction Act of 2022
• Email Sean Richards: [email protected]
• Schedule a YFP Tax Discovery Call
• Get Started with YFP Tax
• Your Financial Pharmacist Disclaimer and Disclosures

Episode Transcript

[INTRODUCTION]

[00:00:00] TU: Hey, everybody. Tim Ulbrich here, and welcome to this week’s episode of the YFP Podcast, where each week we strive to inspire and encourage you on your path towards achieving financial freedom. 

Now, aside from being pharmacists with a passion for personal finance, there’s something else that you and I have in common, and that’s that we have to file our taxes each year. Now, I know what you might be thinking. Tim, it’s only January, and the tax filing deadline is still a few months away. 95 days to be exact, in case you’re counting. Do I need to start thinking about taxes right now? 

I get it. But the truth is that now is an important time to shift gears and start thinking about the strategies that you can use to optimize your tax situation, and that’s why I’m excited to welcome back onto the show YFP Director of Tax, Sean Richards, to talk through getting ready for tax season. We discuss on this episode the difference between tax planning and tax preparation and how effective tax planning can prevent costly mistakes. To learn more about the services offered by YFP Tax, you can visit yfptax.com. 

Now, whether you’re looking for help with your individual taxes, business taxes, or both, YFP’s comprehensive tax planning combines traditional filing with our proactive year-round planning process. All right, let’s jump into my interview with YFP Director of Tax, Sean Richards. 

[INTERVIEW]

[00:01:22] TU: Sean, welcome back to the show.

[00:01:24] SR: Thanks for having me, and I’m excited to be here before we get into tax season, while I actually still have a chance to get on the pod and talk to you. 

[00:01:31] TU: Absolutely.

[00:01:32] SR: Catch me in a couple of weeks, and I’m probably going to ignore all of your calls and everything. So get me while you have me.

[00:01:37] TU: Tis the season indeed. We had you on episode 283 not too long ago. We talked about how to optimize your tax situation as a pharmacy professional. We’ll link to that in the show notes for folks that want to go back to that. But as you mentioned, here we are in the midst of tax season, this episode going live right around the middle of January. Sean, this is about the time where we start to see those tax forms coming in the mail. I don’t know. Folks maybe are like me, where I start to pile those up on my desk. Maybe clutter the –

[00:02:06] SR: [inaudible 00:02:06] or whatever. 

[00:02:09] TU: Clutter the countertop a little bit. It’s that visual reminder that we’re going to be filing our taxes. One of the things we’re going to talk about here today, not only what are some things that folks can do to, hopefully, have a smooth tax filing season, but also how can we be strategizing and planning, hopefully, year round and not necessarily just house on fire when we go to file our taxes each April. 

So we’re going to talk in really a few different parts. Number one, what are some of the ways that folks can prevent some of the costly mistakes during filing this season? What are some most common mistakes that you see? We’ll then talk about some of the differences between tax preparation and tax planning. Then we’ll talk about some of the changes that folks need to be aware of for both this tax filing season, some of those coming from the Inflation Reduction Act, and then also some of the things that folks can be looking out for into the future. So I’m ready if you’re ready. Should we do this?

[00:03:07] SR: I’m always ready. Like I said, this is the most ready I’ll be for a while. So here we go.

[00:03:12] TU: So let’s jump into some of the costly mistakes that folks may find themselves making during the filing season. Obviously, we want to avoid this if we can. You recently wrote a blog post on this topic. We’ll link to that in the show notes. But give us some of the examples, as you’ve been talking with many pharmacists that are interacting with YFP Tax, many pharmacy clients. What are some of these examples of mistakes that are being made that if we had some more proactive planning, perhaps we could prevent it?

[00:03:43] SR: Yeah, and thanks for bringing up that blog post because that really gets into the nature of how a lot of these kind of arise and can be prevented. Not to give everything away about that, but the idea of the whole thing is really just sort of being able to go back in time, if you could, right? In a lot of circumstances in life, it would be nice to be able to get a redo and be able to go back and kind of get a mulligan, if you will. But with a lot of things in life, you can’t do that, and taxes are one of those things. 

So I would say the biggest examples where I see pharmacists or anybody really making mistakes when it comes to taxes is not planning ahead and kind of looking back and saying, “Oh boy. I wish I had done that.” So that time that you had a great year, and you made a ton of money, and maybe you’ve had a side gig going, and you had so much cash that you didn’t know what to do with it. But then you come to the end of the year and you didn’t have that cash anymore when your actual tax bill comes due. So, “Oh, I wish I could have put some of that money aside, done a projection, see what I’m going to owe at the end of the year.” Maybe make estimated tax payments if you apply for something like that. 

Or something like, “Hey, real estate’s hot right now.” You bought up a place. You fixed it up. You finally sold it. You hit that peak before interest rates went up, and now you’re sitting there going, “Oh, my goodness. I have to pay taxes on all those capital gains.” What are some things you could have done to maybe make different improvements to the house or take advantage of those improvements against your bases when you’re calculating the taxes? Or, “Hey, maybe I could have invested in some solar property or something.” Take advantage of some of those credits that we’ll talk about with the Inflation Reduction Act. So things of that nature. 

A big one with pharmacists is loan forgiveness, right? PSLF. If you’re looking at this, and you’re saying you did your taxes, and you’re going to apply for forgiveness in the future and say, “Oh, maybe I could have filed separate for my spouse last year. If I had done this a little bit differently, then maybe I could have had some more of my loans forgiven.” So it tends to always be an – I’m not going to say always, but there tends to be a common recurring theme of if I just planned ahead, and I could go back in time and change these things, maybe that problem wouldn’t be there. 

But actually, now that I think about it, I had a personal situation. I like to bring this one up because it’s near and dear to me and if I can ever prevent folks from having the same thing. I know, early in my career, I was lucky enough to have RSUs given, granted to me, and I was a young budding accountant and went to do my taxes and paid the capital gains and said, “Okay, that’s fine. I understand. I cashed them in. I have my capital gains.”

It wasn’t until I was looking at it a little bit down the line and talking to some of my colleagues that I realized I didn’t actually account for that properly. I had already paid taxes on some of that, and then I went and basically double-counted and paid again. So RSUs are one of those things. I know a lot of pharmacists get them. They get excited about them. If you don’t really pay attention or you don’t talk to somebody who knows what they’re doing with these things, you can end up double paying, and the IRS certainly won’t reach out and let you know that you did that. You have to find that on your own.

[00:06:44] TU: Yeah. Sean, to that point, we’ve worked with a lot of the pharmaceutical industry fellowship programs, and as a result, have a handful of those that are in pharmaceutical industry as clients, whether it’s on the planning side or on the tax side. So this is something that we see come up a lot about trying to understand what are RSUs, and what are some of those tax implications. Certainly, student loans, you mentioned PSLF strategy. It’s a big one in our community, real estate. We’ve got a whole separate podcast dedicated to that topic. So of course, that can be something that’s top of mind.

Then the first one you mentioned is something, Sean, I know I’m seeing and hearing more and more of. We featured many pharmacists on the show that are beginning to monetize their clinical expertise in a variety of different ways, whether that’s a business, whether that’s a side hustle, or perhaps a side hustle that turned into a business. As you mentioned, often there’s that new income that’s coming in. By the time we get around to filing, we’re maybe putting that income back into use in the business or other expenses that come up. Then there’s that surprise tax bill. So, yes, we’re doing good. We’re growing the business. We’re achieving that goal of monetizing whatever we’d been working on. But are we proactively planning for, obviously, the tax bill that’s going to be due? How can we plan for that throughout the year? So great examples I know that will touch many people that are listening. 

The next question then is what is the antidote to these mistakes? You mentioned a couple times you were sharing that really that more proactive tax planning, not just necessarily looking at that point of filing, where we’re looking backwards, but really thinking strategically throughout the year can help us not only prevent these mistakes, but also optimize our overall tax strategy. So define for us the difference of tax planning versus tax preparation, and why it’s so important that we understand how these two are so different.

[00:08:36] SR: Sure. So tax preparation is the traditional what you think of with taxes. It’s, hey, you go to your account at the end of the year. You hand them a big box of receipts and say, “Here’s all the stuff.” All the things that you were just talking about you get in the mail, you put a little pile on the table, you bring it to your accountant and say, “These are what I have. This is what I did last year. Get my taxes done for me.” 

That also is the traditional area where people kind of are fearful about taxes or have that stress like, “Oh, my goodness. Am I going to owe something?” Or even getting a big refund can be a good thing. But at the same time, you just gave the government an interest free loan for however long, right? I mean, getting a big refund, there’s probably a pretty good chance you could have done something better with that cash. So that’s typically the surprise or the idea I was talking about like, “Oh, goodness. I wish I had done that in the middle of the year in July,” something like that. 

That’s tax preparation, and it’s not inherently a bad thing. It needs to get done. Again, it’s what most people are familiar with, whether it’s going to an accountant or going on to TurboTax yourself and getting it done. But that also, again, is where a lot of these stresses tend to come from. On the flip side of that is this idea of tax planning. So that is not just thinking about taxes at the end of the year, but making sure that you’re keeping them top of mind throughout the course of the year, and you’re synergizing your tax strategy with your overall financial strategy. 

One thing I want to be clear about is I don’t want people sitting there all day long thinking about tax because, I mean, maybe I want to do that. But a lot of people don’t, and that’s not what we’re getting at with tax planning. It’s not where you’re sitting there all day long and how is this going to impact my taxes? It’s just making sure that when you’re making decisions, that it’s not something that you’re thinking about in April or next filing season. But it’s something that is in your mind. So, hey, I’m thinking about buying a property at the end of the year. What will those implications be from a tax standpoint? Or I’ve been working this side gig. Should I be putting cash aside and trying to plan ahead and everything? 

One analogy, if you’ve ever heard me on the pod, I think I talked about this before. If you’ve ever talked to me in person, you’re probably sick of hearing this one. But I often compare it to tax preparation at the end of the year. It’s like a film editor versus tax planning. It’s like a film director who can kind of change things over the course of the year. A new analogy I’ll kind of introduce this time around, I’m really into cooking. So what I found it to be is tax planning is sort of like reading the recipe, prepping your ingredients, getting everything kind of ready to go. Like you watch these tasty videos. They all have everything measured out, and they’re just pouring it in at the time, and it’s all kind of ready. 

Versus tax preparation is the last step of getting everything plated and putting it all together. Would you want to do all that piece, without having done any of the prep work to begin with? Are you going to try to throw everything together when you haven’t even cut the potatoes or anything yet? No. I mean, ideally, if you’re preparing a meal, you want to also plan, cut the things, read the recipe, and just have a good idea throughout the course of the thing. So that’ll be my new analogy going forward maybe until I get sick of cooking, and then I can come up with something else.

[00:11:35] TU: I’m smiling because I can totally see you this past weekend cooking and thinking, “Oh, I’ve got another analogy for how I’m going to explain tax planning versus tax preparation.” 

[00:11:45] SR: Exactly. I was probably panicking and realize I didn’t cut something ahead of time that I needed to put in and was saying, “Oh, my goodness. If I had just done that ahead of time and made the connection there.” Most likely, this would happen.

[00:11:55] TU: Yeah. I think you’ve given some really good examples, Sean. I was thinking about this this morning. Even when I was working a W-2 job, a pretty simple tax return, pre-kids, there still was this kind of underlying feeling of like, “Am I really optimizing everything?” What I don’t know, I don’t know. Number one, yeah, I could do the TurboTax. I could do the H&R Block. I could figure that out. But how is this really interfacing with the rest of the financial plan? Then, obviously, over time, as things become more complicated, more than one income perhaps or rental properties or children enter the equation, changes of income throughout the year, all these different scenarios where there’s some real time adjustments that you want to make, as well as how can we look at all these things across the plan to make sure we’re optimizing this in the best way we can. 

Sean, you know this because you’re my phone a friend on the tax side. But probably once a week, once every other week, it’s a, “Hey, I’ve got this notice. I’ve got this question. What about this? What’s it looking as we’re thinking about the estimated payment, whether it’s on the business income or question related to the real estate piece?” So there’s just so many things going on, and I feel like I have a high level understanding. But there’s a whole another layer of depth that, obviously, you and others with this expertise have and can really advise people to be thinking across the entirety of what’s going on with the taxes and the financial plan. But also looking at how can we be more proactive than just simply doing the filing each year.

[00:13:24] SR: Yep, I agree. The thing is, is that taxes often become a stressor for folks because they don’t plan ahead. That’s the biggest thing is that you go to your mailbox, and you see a letter, and it says the IRS on the top, and you immediately get this fear in your head. It’s because you think, “Oh, what did I do wrong? Or what should I have done otherwise,” or something like that. 

I mean, it really just comes down to if you are thinking about these things proactively, if you have sort of that phone a friend that you can reach out to throughout the course of the year, you’re not going to be worried when the time comes because you’ll say, “I already talked to him about that. I already know what this is going to be. Oh, this letter from the IRS is just the refund check that I’m expecting to come back from them.” It’s not going to be that fear anymore.

[00:14:02] TU: So let’s shift gears and talk about some of the tax changes that individuals should be aware of. I think one of the main advantages in working with a professional is that you as the individual don’t have to sift through all the changes that are happening and understand the implications to your own plan. You can get the CliffsNotes version of that or someone that’s looking out for you and, obviously, has an understanding of your individual situation. 

Sean, my understanding is there are some changes that folks should be aware of that impact this filing season. Then there’s also some other changes on the horizon that will impact things in the future. Tell us more.

[00:14:36] SR: Yeah. I mean, at this stage of the game, I don’t want to say it’s too late. It’s almost never too late to do really anything. But given that we’re getting into January of 2023 now, not a whole lot to talk about for 2022, but just a couple things to keep top of mind for folks, especially because it’s questions that people may have when they’re talking to their accountant about, “Hey, this looks a little different than last year.” 

So one big thing that will probably be glaring to a lot of folks is there was a $300 above the line, we call it, credit for charitable deductions that has happened for the past couple of years. So that basically, even if you’re not itemizing your deductions, if you’ve made charitable contributions, you were able to take $300 of that as a credit, that is sort of a no more going forward. So in order to take those charitable contributions, you’re going to have to itemize your deductions. 

Again, I just want to point that one out because I know a lot of people, it was right there on the front of the – On the form. So a lot of people will probably think, “Hey, what happened to that?” But that also brings up a good point that you always want to – Another reason why working with a tax professional stay on top of these things is really helpful because different states, different jurisdictions all have different rules when it comes to these things. I know I was just talking about charitable contributions, for example. In the state of Arizona, that’s actually something where you’re able to make donations up until the filing date. Sort of like you can traditionally with IRA accounts when you think of on the federal side of things. 

That’s another reason why I say even though it might seem like it’s too late, it’s not always too late, and you really want to keep in mind that different states and different jurisdictions have different kind of rules with that. 

[00:16:05] TU: Which is why, Sean, you love the Ohio jurisdiction and the [inaudible 00:16:09], right? Isn’t that your favorite? 

[00:16:11] SR: Yeah. Love would be one word that I could use to describe it. I would definitely say that that’s one of them. It keeps me on top of my game. I could say that too. I’m running out of nice things to say. But, yep, sure, we’ll go with that. 

Sticking on the subject of sort of top of mind 2022, things to keep in mind, one of them – This is not so much of a, hey, it’s something that you can still do now, just something that you’re going to want to really be careful of, especially when you’re talking to your accountant and probably trying to argue. Hey, how come I’m not getting the credit for this or something? You alluded to the Inflation Reduction Act. So that was the act that President Biden signed back in August. So a lot of changes to a lot of things, specifically, energy credits, things of that nature. A good number of changes to keep an eye on there. 

A big one is the Residential Clean Energy Credit. So that is traditionally – Forgive me, I can’t think of the old name. They keep changing the names of these things. But keep in mind solar, geothermal, that type of thing, really the renewable energy sources. So that was supposed to drop down to a 26% credit in 2022. That bumped back up to 30% in 2022, and that’s going to go all the way out through 2032. So that’s a good one to keep in mind. 

Electric cars, that’s another one, very important. So as of – The date on this one is August 16th. So if you bought a car before August 16th of last year, electric car, sort of the old rules, I won’t get into those. You’re probably familiar with them. If you bought a car beginning August 16th and through the end of last year, an electric car, there’s a final assembly requirement where your vehicle must have been assembled in North America. Those rules apply as of August 16th of last year, so something definitely to keep in mind there. 

Then going forward into 2023, if you purchase a car in this year going forward, there’s not only final assembly rules, but there’s mineral sourcing rules. There’s sort of battery component rules. So a lot stricter requirements there. We can link to – The Department of Energy has a good list where you can kind of put in your VIN and see if your vehicle qualifies and what it is. But the long story short there is it’s $7,500 credit going forward. But again, you want to keep those dates in mind whenever you purchase the vehicle. So it’s kind of one of those things to keep in mind now. 

That’s a good segue into 2023. So again, closing the door in 2022, a lot of good things heading into 2023, specifically around those energy credits. We talked about new – Or electric vehicles. We talked about new electric vehicles. But starting this year might bring a lot of people into the used market here, so used electric vehicles. That will be a new credit, 30% up to 4k of those. So that’s something definitely to look forward to. 

Energy credits, again, not so much on the solar geothermal side, but more on the, hey, I got new doors, new windows, the typical sort of regular household improvements. You’re probably familiar with those being a $500 lifetime credit. That starting this year going forward is actually going to be a $1,200 annual credit, so that is quite the jump there. Definitely some new restrictions and everything to keep an eye on. Obviously, you want to talk to an accountant about all that kind of stuff. But that’s a very big jump from $500 a lifetime to $1,200 a year. So definitely want to take advantage of that going forward.

[00:19:34] TU: Is that one that if I invest, I don’t know, $10,000 in new windows, that you can disperse that credit over several years? Or is it within the year of purchase for 1,200, right? Because a lot of those examples you gave, windows, doors, roofs, etc. are, obviously, going to be fairly significant expenses.

[00:19:54] SR: Yeah. It’s in the year that you actually dole out the cash that you get the credit back. In a lot of cases, these credits are nonrefundable. So what that means is that if you, at the end of the day, don’t owe anything or don’t have any taxes to offset, you don’t get that credit back for you. So refundable credit basically means, hey, if I actually offset all of my taxes and still then get some, you’ll actually get that back as a refund. 

A lot of these energy credits, you just want to take a look at all of them. I won’t get into which of which. But some of those are nonrefundable, meaning they’ll offset your taxes that year but not going forward.

[00:20:30] TU: Which is another great example of planning, right? 

[00:20:31] SR: Of planning. Exactly, exactly right. You beat me to it, where if you’re making a big capital purchase, you say, “All right, I’m putting in these new windows or I’m getting this solar. I’m finally getting it done,” you want to make sure you have the taxes to offset. Maybe you sell some of those investments that you’ve had for a while. Take on some of those capital gains. Use the credits to offset it or – That’s where that tax planning definitely comes into play. Absolutely. You’re taking my job, man.

[00:20:56] TU: Sorry. It was a good example. I was just thinking about all – Obviously, a large percent of our community may be doing home improvement projects, other things. This is a common one, I think, will be coming up.

[00:21:05] SR: Absolutely. Yep. But, yeah, I mean, sticking to this year, I don’t want to say it was a boring year. Every year from a tax standpoint is exciting in my mind. But the biggest thing I would say outside of the energy stuff, the name of the game has been inflation. So obviously, inflation is top of mind for a lot of folks. So a lot of inflation-related changes going into next year, and what does that mean? Mostly means limits are going up for a lot of things. 

So 401(k), deferral limits. That was up $2,000. That’ll be 2,500 this year. Catch up deposits also up 1,000, so that’ll be $7,500 this year. IRA contributions went up $500, so that’s $6,500 this year. The catch up stayed the same on that, but similarly, inflation. So starting next year, 2024, that will be indexed to inflation. That’s another one there. Tax brackets, so all the tax brackets were bumped up a bit due to inflation. I’m not going to get into the specifics of which one. Each of those, each of the limits are there. The overall story is that you basically can make more money before you bump into that next bracket. 

But the one thing I really want to hone in on there is a lot of people don’t really – I don’t want to say don’t understand the concept of tax brackets. But a lot of people think, “Oh, I don’t want to make another $1,000 because that’s going to bump me into the next bracket. Or how’s that affect me? Is that going to put me the next tax bracket? Or how’s that look with everything?” I just want to make sure a lot of folks on here understand the idea of incremental dollars being taxed at that next bracket. So what does that mean? 

If you’re right on the edge, and you make an extra $100 that bumps you into that next tax bracket, that $100 will be at the new tax rate. The rest of your cash is all getting taxed at the rates that you were before. So I don’t want anybody here who’s got two job offers on the table and saying, “I don’t want to take this higher one because it’s going to put me in the next tax bracket.” That’s not how it works. It’s only going to be a couple extra dollars. I know that’s a big scary one. So that’s where you hear about effective rates and everything. There’s a lot we can get into there, but I just don’t want to scare folks any more than they already are.

[00:23:07] TU: Sean, it reminded me as you’re talking. I’m sure many folks listening are familiar with the Schitt’s Creek episode, where David is talking about the tax-write offs and the things that he’s buying because they’re tax-write off, right? This –

[00:23:20] SR: Write-off, yeah. 

[00:23:20] TU: It’s like we need an episode on the incremental approach. I mean, you hear that all the time of like, “Oh, I don’t want to go in the next tax bracket. Or if I earn additional money, I’m going to go into that.” I think a lot of that may come from the misunderstanding of how that works in terms of the incremental approach.

[00:23:37] SR: Exactly, right. You’d never want to turn down more cash. I think we had talked about before. But even though it might not seem like the best thing, a bigger tax bill at the end of the day generally means that you actually did better that year.

[00:23:49] TU: Yeah. Well, this is great stuff, Sean, and I want to transition. One of things we’re really excited about as we head into this tax filing season is that for new clients of YFP Tax, we’re really putting a stake in the ground that we’re not doing filing only. One of the reasons we got to that decision point was everything that we’re talking about right here, which is that we really feel like tax when done well is really proactive. It’s strategic, and we’re thinking about this year round so that we can optimize that situation. Yes, filing is a part of that, of course, but we really need to be thinking more strategically. 

So that’s one of the reasons that we are really excited, Sean, to be introducing YFP’s what we’re calling CTP, comprehensive tax planning. Tell us more about what it is, who is it for, and potentially who is it not for as well. 

[00:24:39] SR: Yeah. So comprehensive tax planning is – It’s a lot of what we had talked about before, right? So the idea of really synergizing your tax strategy with the rest of your financial strategy. It’s something where you’re touching base with us throughout the course of the year, and it really depends on what your individual needs are. It’s not something where we’re saying, “Hey. Every Friday at five o’clock, we’re all getting on the call. It’s the YFP Tax happy hour. We’re all going to talk about taxes and everything.” That’s not what this is all about. It’s really for everybody to look at their own situation and say, “Hey, I’m looking for more guidance on my withholdings.” Maybe it’s something where we’re meeting a couple times a year to talk about, “Hey, I have this new side job. I think I have to make estimated payments now. Can we talk about what that looks like?”

Or maybe it’s something where I have a real estate property that I’m thinking about purchasing at the end of the year, but I don’t even want to begin to go down that path until I can talk about what are the implications here. What if I rent it out a couple days a year? What if I rent it out 100 days a year? How’s that look? Can I live there? What are the tax implications? So it’s really for folks who want to not wait until the end of the year, like I said, and say, “Hey, here’s my box of receipts. I’ll see you next April. Get my stuff done,” and who really want to be able to sleep at night when it comes to taxes and don’t want to open up their mailbox and say, “Oh, no. It’s the IRS. What could this possibly be?”

[00:26:01] TU: Sean, if I’m interested in learning more about the comprehensive tax planning or perhaps even ready to get started, where’s the best place that I should go?

[00:26:09] SR: So the best place to go would be yfptax.com. So that’s our new and improved website we launched recently. It has a lot of different resources on there. It has the blog that you mentioned before, a lot of videos that we posted throughout the course of the year with some of these updates and some of these new tax laws that we’re talking about. It really has a breakdown of all the different services that we have. 

So whether it’s the comprehensive tax planning, CTP, that we’re talking about here, or maybe you have a side gig and you’re interested in doing some bookkeeping for that. We offer bookkeeping services, all the way from, “Hey, I just have a couple of contractors I need to do payroll for,” all the way up through what we call our fractional CFO service, which is more of the, “Hey, let’s sit down. Let’s talk strategy about my business. Let’s put some forecasts and budgeting together and everything.” That website will have a great starting point to get you started. 

But from there, you can get in touch with me. I’ll answer any questions you have. We can get on the phone. If you want to look at my face, we can get a Zoom call together. Or I’m happy to talk via email, answer any questions. So you can reach me personally at [email protected]. Again, you can also go to www.ypftax.com. You’ll get links to me. You’ll get links to all the things that we’re talking about here. That’s the best place to start. 

What I would say is, definitely, if you’re interested, don’t wait. We’re getting into tax season. I know that I’m biased to say that, but I think you’re going to lose a lot of us in a couple of weeks. So might be not a bad time to hop on there and take a look.

[00:27:34] TU: Don’t wait indeed. This is really the – Now, I’m not going to say quiet. You guys got a lot of stuff going on, but really the lull before the storm that is the tax season and then, obviously, some hibernation of rest and recovery thereafter. So make sure to head on over to yfptax.com. Lots more information there. As Sean mentioned, you can reach out to him directly to set up a call, get some more information. If you’re ready to get going, you can also click on a complete a quick form. You can get started. But all the information is there on the website. 

Sean, thanks so much, and we look forward to hearing from you after tax season.

[00:28:06] SR: Thank you. Yeah. It’s definitely the calm before the storm. But like I said, it’s sort of like if you watch the weather channel before a hurricane. Even though it’s the calm, everybody’s still prepping and getting ready and everything. Then once it’s all said and done, yeah, it’ll be nice to touch base in May once everything’s kind of a little bit calmer.

[00:28:23] TU: Great stuff. Thanks, Sean. 

[00:28:24] SR: Thank you.

[END OF INTERVIEW]

[00:28:25] TU: As we conclude this week’s podcast, an important reminder that the content on this show is provided to you for informational purposes only and is not intended to provide and should not be relied on for investment or any other advice. Information in the podcast and corresponding materials should not be construed as a solicitation or offer to buy or sell any investment or related financial products. We urge listeners to consult with a financial advisor with respect to any investment. 

Furthermore, the information contained in our archived newsletters, blog posts, and podcasts is not updated and may not be accurate at the time you listen to it on the podcast. Opinions and analyses expressed herein are solely those of Your Financial Pharmacist, unless otherwise noted, and constitute judgments as of the dates published. Such information may contain forward-looking statements that are not intended to be guarantees of future events. Actual results could differ materially from those anticipated in the forward-looking statements. For more information, please visit yourfinancialpharmacist.com/disclaimer. 

Thank you, again, for your support of the Your Financial Pharmacist Podcast. Have a great rest of your week. 

[END]

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