“There isn’t a human being alive who knows what’s contained in the federal tax code. To put it in perspective: Abraham Lincoln’s Gettysburg Address, which defined the American nation, is 272 words in length. Our Declaration of Independence is some 1,300 words. The Bible which spans several thousand years of human history is 773,000 words. But the federal tax code, with all of its attendant rules and regulations is 9 million words and rising.”
Steve Forbes in a testimony before the President’s Advisory Panel on Federal Tax Reform on May 11, 2005
Atypical taxpayer filing the regular Form 1040 and reporting income from work, dividends and capital gains will spend an estimated 26 hours and 48 minutes each year completing his or her return. Seventeen years ago it took only 17 hours and 7 minutes. It is bad enough that taxpayers are thoroughly confused with the tax code but many uninformed, unqualified accountants and tax planners have bungled too many returns causing costly and unnecessary penalties. Since 1986 when the last serious attempt at tax simplification was made, the code has been amended 14,000 times. Its length has grown by 3 million words, an avalanche of personal and business deductions, exemptions, preferences, loopholes, credits and exclusions spread out over six formal tax brackets (and an infinite number of other brackets as deductions are phased out when taxpayers reach certain income thresholds). Then there’s the abomination known as the alternative minimum tax, an Orwellian name for a levy if there ever was one. A more accurate name would be the compulsory maximum tax.
We at Markowski Investments will help you reach your financial goals through proper financial planning, but if you end up giving it all back to Uncle Sam, our collective efforts are for naught. We strongly recommend to all of our clients a tax plan review by our in-house accounting firm.
Our tax-planning division is led by John Donofrio who, unlike the data entry experts at the “fast food tax firms” that continue to spring up like weeds, has the real world experience of being a Chief Financial Officer. Mr. Donofrio understands the ins and outs of businesses small and large, and the obstacles entrepreneurs face. Individuals need a tax advisor as a partner in navigating the ever changing landscape of tax law. We feel that the term accountant is much too limited when it comes to Mr. Donofrio; a more sufficient moniker would be your own“Personal CFO”. Individuals need a tax advisor that is able to operate in the same manner as their financial advisor; and be able to cater to each individual’s unique situation. Unfortunately, the ability to “think” is a prerequisite that most of today’s tax advisors are sorely lacking.
John Donofrio and his team are able to provide answers to complex problems that plague 1040 filers to small business owners. We strongly suggest utilizing our proven expertise in tax planning by taking full advantage of our free Tax Plan Review.