Advisor Tax Mistake #7 – Client’s refuse to provide tax documents
When I come off stage after speaking about taxes at industry conferences, one of the first questions I get (after trying to get past advisors who just want to show off their tax knowledge) is “I get the importance of tax planning and I think I’m pretty good at it, but many of my clients and especially my prospects, never provide me with their tax documents.” In this article, I want to show you how to establish a system for getting client tax returns each year.
As a CPA and tax preparer, the idea of clients NOT providing tax documents is a bit foreign to me as my clients often hand me their tax documents before we even exchange pleasantries. However, in working with hundreds of financial advisors around the country, I’ve learned that for even the best, and most tax-focused advisors, getting clients to consistently provide their tax information is a real struggle. In my experience, there are TWO reasons clients and prospects fail to provide tax information:
7 Reasons Advisors Should NOT Do A Client’s Roth Conversion
Almost without fail, when financial advising and tax planning come up in the same conversation, a client’s Roth conversion is the first, second, and third examples advisors give. But, when […]Read More
Backdoor Roth Contributions – What Could Go Wrong?
For some taxpayers, so-called “backdoor” Roth contributions can be a great way to fill an investment bucket that will grow tax free. Tax free is everyone’s favorite kind of money but the […]Read More
Advisor Tax Mistake #5 – Your Tax Planning is Making Your Client’s Life Harder
This article is the 3rd in a series of the 7 most common mistakes financial advisors make on tax planning with clientsRead More
The information on this site is for education only and should not be considered tax advice. Retirement Tax Services is not affiliated with Shilanski & Associates, Jarvis Financial Services or any other financial services firms.
- DELIVER MASSIVE VALUE TO YOUR CLIENTS
THROUGH TAX PLANNING -
How The RTS...
...Can Help You Transform
The Tax Return Review Process
From a Wild Goose Chase
to a Value Add Experience
$37 One-Time Payment