Spring 2013 issue of Horizons

CHAIRMAN'S CORNER

Wealth Management and Income Taxes: What’s the Connection? by Jim Castellano, CPA

W hile CPAs provide a broad array of services today, chances are if you meet a CPA, the first thing you think about is income tax. It happens to me all the time. Sitting next to someone on an airplane, the conversation usually goes something like this…

Fellow passenger says, “Hello, what do you do?”

My answer, “I am a CPA.”

To which fellow passenger replies, “Oh, you must be busy now since it’s tax season. Let me ask you a question, can I deduct the cost of my hot tub as a medical expense?”

My answer, of course, “It depends.“

Jim Castellano, CPA Jim Castellano is Chairman of the Board of RubinBrown LLP. He joined RubinBrown in 1973 and has served at the helm since 1989. Jim’s influence extends beyond the firm to the accounting profession as a whole. In addition to his leadership role at RubinBrown he also serves as Chairman of Baker Tilly International, the world’s eighth largest network of independent accounting firms.

Income tax services have been offered by RubinBrown from the time of our founding. Today, I am very proud that we have the finest tax talent the profession has to offer, some of whom are featured authors in this edition of Horizons . But income tax is but one topic that individuals should consider as part of a broader wealth management plan. Our mission at RubinBrown is to “help clients build and protect value,” and we have created a wealth management process structured to do just that.

The process provides the discipline necessary to enable clients to establish and prioritize meaningful goals, develop plans to achieve them, and monitor progress along the way. Our Wealth Management and Family Office Services are provided by trusted professionals, experienced in taxation, investments, financial and estate planning. Their approach is highly integrated so that the work of all of the client’s financial advisors is fully coordinated by the RubinBrown team. This way, clients benefit from the knowledge and wisdom of their entire team of advisors.

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