Patrick Traverse, CFP: Tax Preparation vs Tax Planning - What's the Difference?

Visit Patrick's website: https://BreakawayFinancialGroup.com Tax preparation and proactive tax planning are not the same thing. Tax preparation focuses on compliance, including filing the required returns and reporting income to the IRS and other tax authorities. Proactive tax planning looks ahead, using the tax code and available strategies to potentially reduce taxable income, invest more efficiently, and keep more money working toward your long-term goals. In this clip from IncomeInsider TV, Patrick Traverse, founder of Breakaway Financial Group, explains why effective tax planning should take place throughout the year. By the time tax season arrives, it may already be too late to implement many strategies for the previous year. Watch the full interview with Patrick Traverse for more insights on cash flow, tax strategy, investing, business planning, and building wealth outside of your company: https://www.youtube.com/watch?v=UPoPtr5ZVPI Connect with Patrick Traverse: https://www.linkedin.com/in/patrick-traverse-cfp/ https://breakawayfinancialgroup.com/ https://substack.com/@patricktraverse For key takeaways from the full episode: https://incomeinsider.org/patrick-traverse-cash-flow-tax-planning-wealth/ For the full show notes, additional resources, and more information: https://incomeinsider.org/incomeinsider-tv/ IncomeInsider TV is created in collaboration with WeirdBrain Media. For professional podcast and YouTube production services, visit: https://WeirdBrainMedia.com Featured Partners: WiserAdvisor: An independent financial advisor matching service designed to help match individuals to vetted financial advisors. Get matched with up to three advisors today: https://incomeinsider.org/wiser-advisor GoHighLevel: All in one platform for online marketing, automation and lead management. Start your 30-Day Free Trial today: https://incomeinsider.org/go-high-level-trial Disclaimer: This content is for informational and educational purposes only an