Countless examples of incorrect tax information, ranging from capital gains rates to Medicare premiums to gifting limits and especially the math on Roth conversions can be found prominently displayed across the internet, including on some of the most reputable websites.
As an advocate of advisors working closely with tax preparers, and as a tax preparer myself, I hear the complaint of unreciprocated referrals all the time from financial advisors. Typically, I respond with questions such as…
I want to draw your focus to the three most important, yet boring, tax strategies that every advisor should be discussing with every client.
I want to draw your attention to a mistake that is most commonly made by tax preparers, but trips up financial advisors as well: doing tax planning one year at a time.
If your tax planning makes your clients’ life more difficult, you’re doing something wrong.
I’m going to focus on getting tax information from prospects and demonstrating how working with you will prevent them from overpaying the IRS.
I want to show you how to establish a system for getting client tax returns each year.
In the immortal words of Jerry Seinfeld: “You don’t even know what a write-off is.”
Here are five reasons not to recommend a Roth conversion to your clients.
Today’s episode will focus on advanced tax-planning issues. There are a couple of issues that my guest, Steven Jarvis, says will come as a surprise to advisors.
The first is qualified disaster retirement plan distributions reported on form 8915-E. This was an election that had to be made for 2020 but Steven keeps running into advisors who are caught off guard that their clients' tax preparers made this election and even more advisors that aren't even checking to see if this applies to their clients.
The second is the Augusta Rule. This isn't new but is not widely known. It potentially allows for two weeks of tax-free rental income including business owners being able to rent their personal residence to their business and deduct the expense on the business side without having to include the income on their personal return as taxable.