Every season is tax season
Top resources and action items for adding after-tax value all year long.
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Post-tax day review
Review, identify, take action. Too often, people tend to put taxes in their rear-view after April 15th. Use this season as an opportunity to review the Tax Day experience, starting with Form 1040. Together, identify any problems that need addressing, and create a plan of action. Achieving a better after-tax outcome doesn’t happen on its own.
The season of opportunity—build a tax-smart practice
Now is the time to consider taxable growth opportunities. Focus time and efforts on specific opportunities. The sources of taxable assets are diverse; whether they are sources of liquidity like real estate or business sales, estate planning opportunities such as trusts, inheritances, and insurance benefits, or pre-retirement preparations for items such as deferred compensation and restricted equity—they all need advice on next steps. Create a plan, focus your opportunity set, and take action.
Avoid the negative tax surprises. Most capital gains are distributed during December, which could cause both a sizable tax bill for clients and have an impact on their long-term investment planning. This impact also applies to gains on individual security transactions. Use this as an opportunity to review distributions (including dividends and interest) as well as capital gains realized throughout the year. Taxes are a cost; but it’s a cost that can be controlled.
Lead up to tax day
Focus on the familiar. With 1099 Forms arriving, it’s a good time to review these with your clients. It’s important to know the different tax rates that may impact clients and investors. And it’s a good time to demonstrate for investors the impact taxes are having on their investment savings, and what can be done to minimize them.