Episode
Wealthyist E66 | Tax Prep vs. Tax Planning: Why High-Net-Worth Families Might Need Both Under One Roof
- Podcast
- Wealthyist
- Published
- Jun 5, 2026
- Duration seconds
- 1951
- Processing state
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- https://share.transistor.fm/s/e1bf0d01
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Summary
In this episode of Wealthyist , hosts Tom Berkholtz (CFP®, EA, ECA) and Eric Strom (CFP®, EA) break down the critical difference between tax preparation and tax planning — and why the distinction matters more than ever for high-net-worth individuals in 2026. Tax preparation is the annual filing process: gathering documents, accurately completing your return, and avoiding penalties. Tax planning , by contrast, is proactive, year-round, and lifetime-focused — zooming out to minimize taxes over decades, especially since taxes are often the largest single expense in retirement for affluent clients. Key Trends Discussed: Integration is the new standard : Top firms are combining tax preparation, year-round tax planning, investment management, and comprehensive financial planning under one roof for seamless, better outcomes. Team of specialists matters : Complex needs (equity compensation, real estate, international tax, AMT, K-1s, IRS representation) require experts like Enrolled Agents (who have unlimited representation rights before the IRS) and niche credentials. Technology revolution : Client portals, advanced modeling, and AI are transforming tax prep (making basic returns more commoditized), but sophisticated planning still demands human expertise. Major pain points for the wealthy : Fragmented accounts, multiple custodians, missed opportunities from new legislation (like the One Big Beautiful Bill Act), SALT deduction phaseouts, Alternative Minimum Tax (AMT) creeping back, and the risk of future tax increases due to national debt. Actionable advice : Consolidate assets for visibility and better planning, get projected “mock” tax returns (especially after law changes), use extensions strategically, and ensure your advisor actively reviews your actual tax returns and ha…