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Although clients pay attention to balanced, diversified portfolios with strong returns, it’s the generated income taken home after taxes they care about most. A tax-smart approach to financial planning and investment management delivers greater value to your clients. As a financial professional, it gives you a competitive advantage and produces tangible benefits for the households and businesses you serve. As a curious and conversational partner, you can help clients minimize tax liabilities – and uncover new assets – using these six clues.
- $5,000 divided by 1% return on assets (.01) = $500,000 potential account
- Similarly, if Line 2b Taxable interest is $2,500, take $2,500 divided by 1% (.01) = $250,000 potential account
This discussion can uncover excess cash not being used to its full potential and depending on your client’s goals (protection from marketing volatility, guaranteed rate of return, etc.), you can recommend alternative solutions that might afford tax benefits and greater returns.
Social Security is not cumulative between jobs, and each employer taxes at their own payroll. If a client pays above the annual limit, he or she will be due a refund.
Building relationships with tax professionals and getting familiar with opportunities on the Form 1040 only serves to benefit your clients. It helps optimize tax efficiency, enhance portfolio opportunities and makes you an invaluable asset to clients and partners alike.
Wayne Anderman CFP® MBA is the founder of Anderman Wealth Partners, based in the Greater Fort Lauderdale Area, and a registered representative of Avantax Investment Services. Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory Services.