Meeting Your Advisor - In Person!

Have your accountant and your financial advisor met?

They should be meeting once a year. There is a lot for these two professionals to talk about regarding your tax and investment strategy. Most business owners believe that their accountants tell them everything that they could be doing to save taxes. This is very seldom true.

Most accountants do not offer a lot of forward thinking advice, they are trained to think backwards, as in, this has already happened, how do we make it most tax efficient. Your financial advisor is the opposite, they are thinking, what can we do going forward. When these two professionals get together it is in your best interest. If they have NOT met, ask them why they haven’t suggested meeting.

Did you know that there are ways of getting money from your business to your personal hands TAX FREE, yes tax free.

Did you know that you can hold cash in your business for an almost indefinite amount of time without paying tax on any gains? Actually on that note did you know that most business bank accounts pay 0.00% interest.

Did you know that you can get business accounts that DO pay interest and back to the first point, lets say you have your company’s rainy day money in liquid safe investments, wouldn’t it be nice to know that you will not have to pay tax on that money until YOU decide to.

I can tell you from personal experience that Accountants do not offer this information. It is not because they are bad accountants or that they don’t know, (although again their training isn’t to seek out these strategies) it is that you are paying them to look after the things that have happened with your corporate “books”.

I consider my own accountant to be very proficient, very professional, very thorough and diligent. He has been my accountant for 5 years. We now meet once a month to have lunch and discuss ideas that I have as an advisor and he puts them to the “tax test”. He has been amazed at all the things that individuals and specifically business owners can do to reduce their tax bill.