Midyear Tax Planning for Financial Advisors
There is a fantastic opportunity for advisors to add value for their clients by checking in midyear and reviewing a pay stub to make sure their clients are on track.
Even though the filing deadline for 2022 tax returns is in April of 2023, there are deadlines that come earlier that sometimes go forgotten. The tax industry has done taxpayers a huge disservice by referring to February and April of each year as “tax season”. That period has essentially turned into the only time of year that people tend to think about taxes.
Recommended Articles
Advisors: How To Clear Up Tax Confusion
Forosophobia In February of 2021, a psychologist suggested a new phobia in Psychology Today: Forosophobia is the proposed “fear of taxes and the IRS.”
Read More
7 Tax Pitfalls Financial Advisors Should Avoid This Season
Some financial advisors may be tempted to wash their hands of taxes and leave them to the accountants. But that approach doesn’t ensure the best outcome for their clients. Great financial advisors know that, while the calendar has turned over on 2022, there is still work to be done before it is left behind. And that work is around taxes.
Read More
Advisor Tax Mistake #3 – Skipping the Three Most Important (But Least Sexy) Tax Strategies
When it comes to financial advisors and tax strategies, they often sound like old fishermen telling the story of “the one that got away,” except the stories are about ultra-obscure tax strategies that they have never used. This tendency to tell stories about the tax strategies that got away is so prolific that anytime an advisor approaches me about a tax scenario, I immediately ask for the name of the client to ensure we are talking about real life versus tax fantasyland.
Read More
