Year End Tax Summary Example (1099 Letter)

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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.

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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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Advisor Tax Mistake #4 – Doing Tax Planning One Year at a Time

This article is the 4th in a series of the 7 most common mistakes financial advisors make on tax planning with clients

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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.

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