Tax season can be challenging and stressful for people, families, and businesses alike. It might be challenging to tell if you are filling out your tax return correctly because there are so many factors to consider. Due to the complex nature of taxes, engaging a professional tax advisor is crucial to help you make the most out of filing your tax return. Karlton Dennis is a renowned tax advisor and strategist who enlightens entrepreneurs about taxes.
Karlton is a tax professional who takes pride in his more than two decades of experience in the tax industry. His ultimate goal has been to help individuals and entrepreneurs understand how taxes work and how they can save on their taxes. Karlton began his career as a licensed tax strategist after realizing he didn’t find satisfaction in his sports career. Although he worked hard to live a comfortable life, he could not earn enough income to cater to his needs.
Pushed by the desire to acquire financial freedom, Karlton left sports to join his family tax practice. Today, he has helped tens of thousands of entrepreneurs take advantage of tax strategies and save. He has achieved this by making taxes easy to understand for the general public.
Aside from Karlton’s ability to make taxes simple, fun, and easy to understand, he emphasizes to entrepreneurs that there is a difference between tax preparation and filing and actual tax planning. According to Karlton, tax preparation is a one-time annual process in which your accountant will submit your tax return by the due date. The procedure requires several documents, including retirement plan statements, investment paperwork, and income documentation. In contrast, tax planning involves working with financial experts to ensure you use the tax code to the fullest advantage.
According to Karlton, investing in tax planning will give you a more promising future as it will minimize your tax liability. Tax planning occurs multiple times throughout the year, and tax planners consider current tax laws, net tax laws, and your current situation to minimize tax liabilities while adhering to tax regulations. Although tax preparation professionals can help you maximize your deductions and tax credits, tax planning will ensure that you take advantage of the right tax credits, use tax-loss harvesting techniques in your investments, and manage your wealth.
But it hasn’t always been easy for Karlton to break the norm of traditional accounting and show that there is a difference between tax preparation and filing and actual tax planning to save money. Creating awareness through social media platforms and online courses has taken a lot of determination. He has also founded Tax Alchemy Academy, where he believes in empowering more people to acquire financial freedom and how to leverage tax planning.
Karlton notes that to implement tax planning for your business, you must first understand the difference between a tax advisor and a tax accountant. A tax advisor is supposed to help reduce your tax bill while your tax accountant helps file your return. Understanding this difference will help you know who to engage with and save more money from your taxes legally.
As the largest tax advisor on the internet, Karlton is not about to stop helping people achieve more through tax planning. He aspires to become a figure more prominent than Robert Kiyosaki and Tom Wheelwright on the subject of tax. He envisions his platform growing to become the largest tax education platform on earth, helping over 10,000 students become tax strategists.