Matt Gaylor, EA, CTC has been serving clients in tax compliance, planning and resolution as owner of Gaylor Tax Services LLC since 2004. Matt obtained his Bachelor’s degree in accounting from the University of Arizona, subsequently obtained his Enrolled Agent credential (authorization to represent taxpayers before the IRS), and in 2019 obtained his Certified Tax Coach (CTC) designation through the American Institute of Certified Tax Planners (AICTP). In 2022, Matt was selected from his peers at the AICTP to be named a finalist for CTC of the year. Matt is also a member of these professional organizations: the National Association of Enrolled Agents and the National Association of Tax Professionals.

The topic that Matt presented has been a conversation topic over the years with many clients and that was the reason Matt choose to write this chapter. Through his experience, Matt has learned that preventing IRS notices for unreported transactions is an crucial way to successfully navigate the backlogged IRS system, remember the sports mantra: “the best offense is a good defense”.

The philosophy of properly approaching a situation also applies to tax planning. In order to successful implement legal tax strategies requires action be taken prior to filing season. If you wait until the preparing of the tax return, the options to reduce taxes are limited. While it is never too late to plan, it is best to start early for successful implementation.