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.
When I last Googled “IRS RMD Table,” the first result that popped up was a link to an active IRS web page with the outdated RMD information. Millions of people who clicked on the first link provided by Google were given, by the IRS, incorrect information. Countless other 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.Read More
This article is the 3rd in a series of the 7 most common mistakes financial advisors make on tax planning with clientsRead More
Background Our team is continually reviewing tax returns for our Members. Believe it or not, we really enjoy it. We may be nerdier than most, but a tax return […]Read 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.