Compliance is just one of the goals of the individual tax return process. In addition to minimizing tax liability and maximizing opportunities, you need to keep your short-term and long-term goals in mind as well. In this episode of “Unique Perspectives – The DGC Podcast,” our guest is Dan Gaudet, CPA, a Principal at DGC and the leader of our Accounting & Business Advisory Services Group. Dan discusses the individual tax return process and how the proper plan can pay dividends both now and in the future.
This is the sixth episode in a series of podcasts geared towards our Accounting & Business Advisory Services clients. Other episodes in the series include:
The following is a partial transcript from Dan’s interview with host Tom Annino.
Tom Annino: The first step of the individual tax return process is getting organized and gathering your information. It seems simple on the surface, but I know in your experience, sometimes it can be a little tough for people. Is that true?
Dan Gaudet: I think that’s very true. I think it’s an overwhelming process for a lot of people. For some clients who might not have a background in finance, they’re overwhelmed by the process and not sure what it is that’s needed. They’re worried about leaving something out. They’re worried about giving too much. For that particular type of client, we can help them through the process by narrowing it down to what we need and then asking questions, just to make sure that we are meeting all reporting requirements as well as making sure that they’re taking advantage of everything that they’re entitled to.
Tom Annino: I know you and your team take a lot of pride in forming a partnership and a bond with all of your clients. That certainly happens with individual tax returns. How important is it for you and your team to play that role of advisor to help people through this process, not only giving them peace of mind, but helping them understand why things are happening the way they are?
Dan Gaudet: This is why I like to do what I do. I really enjoy the clients I work with. Year in and year out, we’re dealing with kids growing up and going to college, and retirement planning. We spend a lot of time looking forward with them. It’s not just about compliance and reporting the income and deductions for the current year. That’s critical and it’s necessary. We want to maximize all of the deductions that we can and take advantage of everything that we can. We also want to look at the individual and look at their personal and professional goals, along with their children’s goals, and make sure we’re meeting those as well.
How much has tax reform impacted the individual tax return process? Dan covers that topic in this episode. We encourage you to listen to the five-minute episode by clicking here or by using the Soundcloud player above.
DGC’s Accounting & Business Advisory Services team can take the stress out of the individual tax return process. For more information, contact a member of your DGC client service team or Dan Gaudet, CPA at 781-937-5142 / firstname.lastname@example.org.