RTS Newsletter August 4, 2023
Recommended Articles
Why Not to Do a Roth Conversion in 2022
While a powerful tool, Roth conversions are not a universal solution to reducing taxes.
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State Tax Tips for Financial Advisors
When Congress changes federal tax law, it always dominates the headlines, but the IRS' portion of a taxpayer’s income is only part of the story. Every state has their own unique set of tax rules, and it is not enough for financial advisors to be versed in the rules of their home state. Eight states have no individual income tax. For the other states, there are 42 different sets of rules on what type of income is taxed, how it is taxed, at what rate it is taxed and whether where you work or where you live is more important. Then one could wade into local taxes, with nearly 5,000 jurisdictions in 17 states imposing a local income tax, which can treat nonresidents differently than residents.
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Turn CPAs Into Referral Sources
Jarvis suggested three steps advisors can take to more effectively cultivate CPAs as referral sources.
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