As I meet with clients throughout the year, I stress the importance of tax efficient planning strategies. I explain that tax efficiency is simply an attempt to minimize tax liability when given many different financial decisions. The tax code offers many ways to reduce your tax liabilities if you know how to use it. Your income can be converted into assets with smart tax planning. The real key to building wealth lies in creating assets.

I meet with a variety of small business owners and am always impressed by the passion these entrepreneurs have for their businesses. As the tax and finance guy, I know how crucial cash flow is to the success of every enterprise. I also know that cash flow issues are among the leading causes of business failure in the United States. A solid financial management strategy is needed.

The retirement account is a valuable asset. Every worker should start savings and asset building strategies as early as possible. A common question I hear from my clients is which type of retirement account is best. There are various types and your best one depends on your situation. The Roth IRA is one of the options. 

As a CPA I help many small business owners with tax planning and filing. That means I see the businesses that succeed as well as those who don't. My advice is that if you’re a small business owner, you need a business plan. To write a successful plan you must know everything about your company, your product or service, and the market competition. 

Pastors that I talk with tell me that the summer months can be hard on their church collections. Historically speaking, church attendance declines in the summer months as families go on vacation or merely stay away to avoid the heat. For churches that rely on the Sunday collection plate for most of their income, this can be a hard time. 

Now and then I hear from a client who suspects that an IRS imposter is targeting them with a fraudulent phone call or email. According to the IRS, these calls are becoming more frequent and are increasingly aided by robocall technology. My first response is always the same: Don’t respond. 

When I work with nonprofit leaders, I hear about the challenges they face with cash flow. Nonprofits have historically faced a unique funding situation due to the variability of grant funding cycles and donor contributions. I recommend a tool – cash flow projection – that can help organizations maintain financial viability today and in the future.

When I meet with clients for tax planning, I show them how the tax code favors small business. Even if they have a good job, adding a side business is beneficial. Investing in rental properties is one example. But, real estate investing is not for everyone - managing property or being a good landlord takes practice. That’s why many successful real estate investors and landlords depend on their property management companies. 

I tell all my tax preparation clients that the true key to building wealth lies in building assets. A savings account in a bank is not the answer. Bank accounts have low interest rates, so you will barely make any money. However, a solid investment strategy and smart tax planning will allow your money to work for you.

Through my work with churches I know that it's common for churches to experience a lull in giving during the summer months. Members go on vacation and don’t donate money while they’re away, or they sometimes neglect to give during the summer in order to save for other activities.