52. Tax Planning vs Tax Preparation with Christina Lael

Subscribe: Apple Podcasts | Stitcher | Google Podcasts | Spotify

While they may sound like the same thing to those outside of the financial services profession, there are several key differences between the terms tax planning, and tax preparation. In short, one takes place once per year and is more transactional in nature, while the other likely happens multiple times each year in stages and is meant to be seen as an ongoing advisory relationship, sometimes lasting decades.

Tax planning could be as simple as making sure you’ve appropriately set your withholdings to avoid any withholding issues at the end of the year. Or, it could mean more complex strategies such as establishing legal entities and holding companies that qualify you for other deductions and opportunities in the tax code, specific to your industry or profession.

In this episode, Malcolm Ethridge speaks with Christina Lael, founder of Lael Tax LLC and Freedom Tax Plans. Together, Malcolm and Christina discuss key differences between tax planning and tax preparation. They also share some of the common mistakes they see people make with regard to their taxes each year, and some rules of thumb to keep in mind each year designed to help you save money through proper tax planning and preparation.

Christina discusses: 

  • Her experience preparing taxes for her law school classmates and how that sparked her passion for the accounting profession
  • What she believes are the most important things for business owners to know that will help them reduce their tax bills
  • The difference between tax planning and tax preparation
  • Some of the common mistakes Americans make when it comes to tax planning and preparation
  • And more


Connect With Christina Lael:

Connect With Malcolm Ethridge:

About Our Guest:

Christina Lael, CPA, JD, is a certified public accountant, tax attorney, and self-proclaimed tax nerd. Her firm Lael Tax LLC provides both tax planning and tax preparation, specializing in working with small business owners and law firms. Christina helps business owners, partners, and law firms legally and significantly reduce their tax liability by using strategies and principles in the tax code that the average CPA doesn’t know.


The information provided is for educational and informational purposes only, does not constitute investment advice, and should not be relied upon as such. It should not be considered a solicitation to buy or an offer to sell a security. The views expressed in this commentary are subject to change based on market and other conditions. This writing may contain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur. Be sure to consult with your tax and legal advisors before taking any action that could have tax consequences. Investments in securities and insurance products are: NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE

Join the Mailing List

Sign up to receive show notes and additional resources from each episode delivered straight to your inbox every Wednesday.

Pin It on Pinterest

Share This

Join our private community of money nerds.