Tax Preparation and Planning

Tax Preparation

Tax return preparation can be a tedious and daunting prospect. At Trailguide, we strive to make that process more tolerable and efficient, while providing you with the confidence and peace of mind that your return is done correctly and you're optimizing your tax situation.

Tax Planning

Tax return preparation is by definition backward looking. Tax planning, on the other hand, looks forward to identify opportunities to improve your financial situation and move toward your goals. This is where we can provide value beyond just getting your returns filed.

Helping you navigate the complex trail of taxes

About Trailguide Tax

Founded by L. Paul Clausen Enrolled Agent, CFP®, RICP®

Trailguide Tax exists to provide tax services for those who want more than basic tax return preparation and want to work with a professional who provides tax planning and a high level of personalized service.

I operate from a virtual office out of Minneapolis, Minnesota. From this home base, I serve clients both local and across the country.

More about Paul

How Tax Planning Can Benefit You

Here are some examples of situations where Trailguide Tax's expertise could benefit your tax and overall financial planning:

Planning for Withholding or Estimated Taxes

We can make sure your tax withholdings or estimated tax payments are on track to avoid unexpectedly large amounts owed on your returns. Likewise, we can help avoid paying in too much, which reduces available funds during the year. This is especially applicable for changes in income, filing status or self-employment.

Planning for Extraordinary Income

Managing large capital gains, selling a second home or receiving an inherited retirement plan are some examples of when tax planning can improve the outcome. There may be no magic solution to make taxes go away, but good planning can help ease the tax burden.

Planning for Career Transitions

Moving into retirement or switching to being self-employed are examples of when tax planning can ease a transition. Planning for the challenges and opportunities can make the changes go more smoothly. Issues could include compensation and benefits planning, business entity selection and start up. Retirement issues include planning for Social Security and retirement plan distributions.

Integrating Tax and Investment Planning

Taxable investment portfolios and retirement accounts have a big impact on your tax situation. Many investment or financial advisors are not tax specialists. Trailguide can work with your financial advisor to optimize investment tax management. This could include Roth IRA conversions, capital gains planning, retirement plan distributions and charitable planning.

Who is a good fit to work with Trailguide?

Employed Individuals and Couples

Self-employed People

Retirees and Near-retirees

People with Investments and Financial Advisors

Individuals and families who want the efficiency and confidence of having their tax return prepared by an experienced and qualified professional can benefit from working with us. They value a high level of service that provides education and advice on optimizing their tax situation going forward.

Whether it's your main occupation or a side gig, being self-employed presents more complexity than W-2 employment. We offer tax preparation, planning and advisory services to those who are self-employed, including operating as an S-corp. We can help navigate that complexity and realize the full advantages of being in business.

Those in and near retirement have choices and opportunities different from those in mid-career. There are many aspects that touch on taxes include managing retirement plan distributions, pensions, drawing Social Security, and health insurance. We can help you understand and optimize your choices.

Whether you're a self-managed investor or you work with a financial advisor, we're adept at handling taxation of investment income and aiding in decisions around your investments. At your discretion, we can work directly with your financial advisor to provide them with analysis of issues affecting your taxes.

Our Approach

Tax Preparation Engagements

Initial Consultation

We have initial phone or email consultations to determine whether you and Trailguide are a good fit to work together. A quote for the fee will be provided.

Return Preparation

Once we decide to work together, we'll gather information from you to prepare your tax return via a secure portal with ongoing consultations via phone or email.

Finalize the Return

You'll be presented with a draft tax return in PDF form using the portal. Once any outstanding issues are resolved, the return will be finalized. You'll sign it electronically and the returns will be electronically filed, whenever possible.

Ongoing Questions and Planning

We're available year around for your questions and for consulting on issues as they come up.