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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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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 clients

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Advisor Tax Mistake #6 – Your tax knowledge isn’t getting you more clients

This article is the 2nd in a series of the 7 most common mistakes financial advisors make on tax planning with clients

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Advisor Tax Mistake #7 – Client’s refuse to provide tax documents

This article is the 1st in a series of the 7 most common mistakes financial advisors make on tax planning with clients

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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 […]

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Do You Actually Have An Inherited IRA?

Words matter. At times distinctions may seem trivial, but how we think about certain topics can influence the action we take. When it comes to being the beneficiary of an […]

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5 Reasons Software Can’t be Trusted

“Well, the software let me do it.” This sounds more like something you’d hear from siblings fighting than from a professional. Unfortunately, taxpayers, tax preparers, and financial advisors all have […]

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“I have a tax preparer, so I have a tax planner.”

No one goes to an urgent care center complaining that the Family Doctor can’t also do open-heart surgery. We all understand that “doctor” is a general term.   Depending on […]

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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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