Uncover Client Insights Through Tax Returns
Discover how tax returns can enhance client relationships, improve financial planning, and boost business growth. Explore strategies for integrated financial planning, tax preparation, and investment management. Learn about the benefits of formal tax planning meetings and leveraging tax filing statuses for optimized tax outcomes. Dive into planning opportunities, additional income sources, and tax-saving strategies to better serve your clients.
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Presentation Transcript
How Tax Returns Help You Get to Know Your Clients and Do Better Financial Planning (With the Side Benefit of Growing Your Business!)
Who We Are and What Well Be Discussing Two practice structures (How Each of Us Get Paid) Integrated financial planning Tax prep and in depth tax planning Investment Management Our backgrounds Look at the role of tax issues in client relationships Walking through tax forms to glean information
Consider the EA and providing tax prep in house Makes relationships sticky Preparation time planning IRAs HSAs Plans for current year
Formal Tax Planning Meeting Each Year Typically May through August timeframe Project W-2 Income Discuss tax savings opportunities available through employer Software options CFS Tax Tools BNA Tax Planner Holistiplan
Formal Tax Planning Meeting Each Year Very valuable to self-employed clients Year End Follow-up Projecting what the clients tax situation will be the next spring Conveying that taxes need to managed
1040 Filing status Dependents Summary of income Big refund or tax due Tax bracket opportunities for Roth conversions Look at multiple years to see changes or mistakes
Planning Opportunities Credit vs deductions Above the line deductions vs below the line (the roll of the AGI) Required Minimum Distributions Can donate to Charities Really Matters Now With Higher Standard Deduction For Early Retiree Clients Getting Money Out of Qualified Plans In the Lowest Possible Tax Bracket
Schedule 1 Additional Income Alimony Received Stock Options Schedule E Income (Rentals, Partnerships, S Corps, Trusts, Etc. Farm Income Unemployment Compensation Gambling Income Adjustments to Income Military Reservist Expenses Self Employed SEP, SIMPLE, and Qualified Plans Self Employed Health Insurance Deduction Tuition and Fees Deduction Alimony Paid
Schedule 2 HSA Withdrawal Penalties Early Retirement Withdrawals Penalties Additional Medicare Tax
Schedule 3 Child Care Education Credits Retirement Savings Residential Energy
Schedule A Impact of higher standard deduction Refi opportunities Charitably inclined
Schedule B Variety of investments Discovering Where Investments Are Held
Schedule C Better business entity Expenses that might be viable business expenses Part of our fee Home office Travel and meals mixing business and pleasure
Schedule D Excessive trading Charitable giving opportunities Appreciated Securities Discovering where assets are held
Schedule F Active Farming or Farm Rental Type of Farming/Ranching if Active More opportunities for combining Business and Pleasure
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