What is the difference between tax preparation, tax planning, and tax management?

If compared to building a house, tax planning is working with the architect on a blueprint; tax management is hiring the builder for the initial construction and ongoing maintenance of the home; and tax preparation is the inspection to make everything is up to code.

For our wealth management clients, tax management is a year-round activity in which we are constantly looked at tax savings strategies and then proactively implementing those on behalf of our clients. This could be things like deduction creation through investment tax harvesting, market-timing Roth conversions, stock option exercise strategies, as well as charitable giving.