154. Tax Strategy vs. Tax Preparation

Tax Strategy vs. Tax Preparation Explained 

In This Episode 

We’re breaking down the difference between tax strategy and tax preparation — and why that difference could mean six figures in savings over your lifetime. 

Many people think they “have a tax plan” because they have a CPA. 

 But here’s the truth: 

• Tax preparation is what happens in the spring — you hand over last year’s numbers, and your accountant tells you what you owe. 

• Tax strategy happens throughout the year — it’s proactive, not reactive — and it gives you control over what you’ll owe next year. 

Think of it this way: 

 Your CPA is the scorekeeper, but your tax strategist? That’s your coach. 

At Fit Wealth 

This is Shawn Hanquist’s zone of genius — not in a “find the loopholes” way, but in a structured, legal, strategic way that helps high earners minimize taxes and build sustainable wealth. 

He teaches clients to stop playing defense and start playing offense with their taxes by using tools like: 

• Maximizing Retirement Contributions with Cash Balance or Defined Benefit Plans to save well beyond standard 401(k) limits. 

• Optimizing Your S-Corp Salary and QBI Deduction to strike the right balance between W-2 income and distributions for maximum tax efficiency. 

• Leveraging Bonus Depreciation to write off qualifying business equipment and vehicles before year-end. 

• Using Charitable Giving through donor-advised funds or foundations to reduce taxable income while supporting causes you care about. 

• Taking Advantage of Energy Credits for solar, EV purchases, and home or business efficiency upgrades. 

• Exploring Oil and Gas Investments for advanced deductions and upfront tax advantages available to accredited investors. 

• Using Tax Loss Harvesting and Capital Gains Timing to offset investment gains and manage taxes strategically across your portfolio. 

For high earners, the difference between planning this way and not? 

Sometimes it’s hundreds of thousands — every single year. 

Why Most People Overpay 

High earners are busy. They’re building and scaling— and they assume their accountant “handles it.” 

But when we take a closer look, we often find massive, missed opportunities. Not because anyone did anything wrong, but because no one’s sitting down proactively to say: 

“Hey, before December, let’s look at your income, deductions, and investments — and design a plan.” 

That’s the real secret of the wealthy: 

• They don’t wait until April. 

• They decide in the fall what April will look like. 

Biggest Takeaway 

If you only think about taxes when it’s time to file them, you’re already too late. 

 But when you start planning ahead, you shift from just paying taxes to being tax efficient. 

Next week, Shawn and I are diving into the first strategy — how to use retirement plans as your tax-saving powerhouse, even if you’ve already maxed out your 401(k). 

Thanks for tuning in — we’ll catch you in the next one! 

Advisory services are offered through Fit Wealth Advisors, LLC. d/b/a Fit Wealth, an Investment Advisor in the State of Nebraska. Insurance products and services are offered through Fit Wealth Insurance, LLC, an affiliated company. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.