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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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There is No Such Thing as a Tax Write Off
A write-off is an incredibly misleading nickname for an expense that can help lower your taxable income. It is not a magic trick that suddenly makes something free.
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5 Things Advisors Miss On The 2020 Tax Return
Get tax returns for all of your clients. This is one of the most common themes you will see on this website and in our podcast. Tax mistakes do
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