Why We Hold Six Meetings Before Writing Your Tax Plan

Every new Medari client goes through six advisory meetings before we write their tax plan. Each meeting lasts about an hour. We schedule one per week for six straight weeks when your calendar allows it. There is no homework.

This article explains what those six hours do for you and why the plan comes after them.

The Meetings Teach You the Rules

A tax plan works only when your day-to-day decisions support it. You make those decisions at the pharmacy, usually without us in the room. How you pay someone, what you document, what you buy and when: each of those choices has a tax result.

Each meeting covers one topic that affects your taxes every year. We explain how the rule works and where owners commonly go wrong. On some topics we bring your own financial data into the meeting so you see the rule applied to your numbers.

One Example: The R&D Tax Credit Meeting

One of the six meetings covers the R&D tax credit. It gets the biggest reaction, whether you compound or not.

Owners usually arrive knowing little about how the credit works. We cover how it works, what qualifies, and what does not. Partway through the hour, owners start to think of activities in their own pharmacy that may qualify.

The other five meetings follow the same pattern. You learn a rule, and you start applying it to your own pharmacy before the hour ends.

The Meetings Teach Us About You

The learning goes both ways. Over six weeks we learn how your pharmacy runs, how you make decisions, and what you want in the short term and the long term.

A tax return shows us what happened last year. It does not show us what you plan to do next.

The Tax Plan Comes After the Meetings

We write your tax plan once the six meetings are done. By then we understand your situation and your goals, so the plan fits your pharmacy and your life.

A plan written in week one would rely on your prior returns alone.

What You Leave With

You do not leave with a task list. You leave understanding the tax rules behind decisions you make every week. Owners who follow what they learn get two results: lower audit risk and lower taxes.

When a decision comes up at the pharmacy later, you know when to call us before you act.

What Happens After Meeting Six

Every Medari client gets a minimum of two advisory meetings per year after the first six. We use them to do three things:

•       Update your tax plan for anything new that could affect your taxes

•       Check your profit

•       Confirm your quarterly estimated payments do not need to change

Advisory and monthly maintenance come together at Medari. Every client gets both, because your tax plan depends on accurate books.

Where to Start

The income tax review comes before any of this. We usually complete it while you are still deciding whether to hire us. We review your prior returns and show you what we found. It is free, and it lets you see how we work before you pay us anything. You can request one at medariadvisors.com.

Check out our article: Five Numbers to Check In Your Pharmacy’s Financials

If you have questions about this topic, speak with your CPA or accountant. And if you need guidance or a second opinion, you’re always welcome to contact us.