Today ends my 29th consecutive “tax season”……where has time gone by? It’s wasn’t too bad as compared to years past, mainly because I try to keep a very moderate tax practice. As most of you know, I concentrate in consulting for physician practices. However, because I am a CPA, I still get sucked in to the tax season cesspool. So what did I learn from this tax season?
1. Physician incomes continue to decline. The question becomes – what are you going to do about it?
2. People still don’t plan for their tax burden. This is a year long process and many people still don’t get it. You don’t wait until December to do your tax planning.
3. Many physicians still don’t have asset protection mechanisms in place.
4. There is a total lack of personal financial planning. Is the future planned out? Is there a game plan in place? Are all of the basic planning moves been accomplished? Remember the old saying, “People don’t plan to fail, they just fail to plan.”