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Tax is a subject many people would like to avoid. However if you would like to significantly reduce or eliminate taxes and have the ability to redirect those dollars to better use, Tom Mishoe of Tax Plan Advisors can tell you how. He brings to the table expert advice as a highly accomplished and experienced Financial and Strategic Advisor.
1:17 Tom’s extensive professional achievements.
3:51 Tom tells a little about himself personally.
5:08 How did you get involved in tax planning?
- Background as a CPA provided basic understanding of taxes coupled with advisory work with businesses and business owners often included a focus on how to reduce taxes.
- How to best serve clients under a collaborative advisory approach has always been a point of discussion with his good friend and now business partner, Greg Burke.
- Tom gained clarity on the symbiotic relationship between tax planning and financial planning and has since committed to providing clients with the combination.
- The number one eroding factor to creating income and long term wealth is taxation.
8:38 Who is your ideal client?
- Someone who has had significant past tax payments and significant current tax liabilities or expects increasingly future tax payments due to increasing income or higher future tax rates.
- It helps to be either self-employed or a business owner.
- Other professionals such as CPAs, Enrolled Agents, Financial Advisors, Insurance Agents and Attorneys.
10:40 Give us an example of what a typical tax saving would look like and one of your tax-saving strategies.
- While there are common denominators across tax planning engagements each client’s situation is unique, thus resulting in unique and customized tax plans and tax strategies for each client.
- Tom provides a case study.
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15:25 How do your clients utilize these tax savings?
- Primary recommendation is its utilization to fund client retirement plans.
- Second recommendation is its investment in the client’s business or other appreciating assets.
17:35 Can you describe the tax planning process?
- Prospect self identifies their interest in reducing their tax payments.
- Conversation with the prospect describing engagement objectives and engagement process follows.
- Prospect provides certain requested information to be utilized in the further assessment of the prospect’s situation and development of the initial tax savings plan.
- After completing the assessment and development of the plan it is reviewed with the prospect.
- While in review it is ascertained if the prospect is desirous to move forward with its implementation. If a prospect isn’t interested, the engagement ends and there is no cost up to this point.
- If a prospect is interested with the plan an engagement letter for signature and payment arrangements is provided.
- Upon receipt of a signed engagement letter and payment, the tax savings plan is reviewed and finalized with the client.
- Implementation of the plan follows.
- During implementation and after, we periodically meet clients and client’s other advisors to ensure the plan is being properly implemented on a timely basis.
22:19 Can you tell us what your fees are?
- Typical fees for the development and implementation of a tax savings plan is 33% of the anticipated first year of savings.
23:43 Tom provides some additional points of interest.
- Tom states an objective recognition that most CPAs or enrolled agents simply are engaged in tax preparation work and their business and revenue models are inconsistent with their tax planning model.
- The tax planning strategies utilized are not aggressive.
- The geographical area for which tax plans are developed is ANYWHERE in the United States.
- The future value of these tax savings plans are highly likely to increase in value in the coming years.
Tom’s contact info.
- Tel: 804 690 9567
Michael’s contact info.
- Tel: 727 243 6467
- Email: mwatkins@tampabayadvisory.com or the401krevival.com
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