{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"MLB Draft Podcast","title":"The Difference Between Tax Planning & Tax Filing | MLB Draft #10","html":"","width":"100%","height":180,"duration":978,"description":"Taxes are one of the biggest destroyers of wealth.  \nMisconceptions about taxes are everywhere, and you often hear many of them daily.  Below are a few examples we often hear:\nGetting a large tax refund is always a good thing\nMy CPA did a good job if I got a bigger tax refund\nApril 15th is the most important date in the tax world\n“Tax Planning” and “Tax Filing” are the same thing\nNow for some truths that everyone should understand:\nYou actually want to get back $0 or owe money (not penalties and interest) when you file your taxes\nDecember 31st of the prior year is the most important date in the tax world\nTax Planning is done throughout the year and has a major impact on what happens when you file your taxes\nBeing reactive when it comes to taxes can cost you thousands (sometimes millions) of dollars throughout your lifetime\nYou should have a Family Office that throughout the year proactively integrates your Tax Planning with your Financial Plan\nResidency, 1099 income, MiLB 401ks, team assignment, contract language, duty days; your situation is unique, and the complexities you face are different than most people.  Luckily, there are answers available if you start your Tax Planning now.  If you have questions about your situation or would like a free consultation, please text or call one of our Private Wealth Advisors to help you know what your next steps should be.\nTravis Chick – (903) 714-7951\nJosh McAlister – (505) 239-5488\nWill McGuffey – (225) 326-0992","thumbnail_url":"https://img.transistorcdn.com/7ELAfaPepA19HwDaIVIwSsjYC9xAW5dBpuevtdgSO94/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9iNGQy/YmFlODc4MGI4YTM1/YThjZDc5NGM3NjU1/MWIwMi5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}