Advisor Tax Mistake #3 – Skipping the Three Most Important (But Least Sexy) Tax Strategies
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This article is the fifth in a series of the seven most common mistakes financial advisors make on tax planning with clients.
In my previous article, I discussed the mistake of doing tax planning one year at a time. This week I will discuss Evaluating Roth conversions for every client, every year, Leveraging charitable giving, Explaining taxes in buckets, and Action items for tax planning.
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Advisor Tax Mistake #2-Not Getting Referrals from COIs
“I send tons of clients to my local CPA, but she never sends me a single client back!” 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.
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Advisor Tax Mistake #6 – Your tax knowledge isn’t getting you more clients
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Is it too late to convert to a Roth?
There is also no earned income requirement to convert to a Roth. As long as you have a balance in an IRA, in theory, you can keep converting to a Roth as long as you like.
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