As you’ve noticed, we’ve increased our communications and reach outs. Partly to address the extraordinary circumstances the world has been experiencing, and also in part due to this new, broadened team approach that brings a more proactive service to our clients.
The first initiative you will notice is the introduction to our Service Calendar. Throughout the year, we will introduce exercises, points of interest, and resources relating to a financial planning concept. These concepts will mostly tie into relevant to-do’s as the year moves on such as tax planning, beneficiary reviews, and maxing out retirement accounts.
During the months of April, May, and June, we will be focusing on reviewing both federal and state tax returns for our clients. Send us your tax return and our team will bring it through the analytical process we’ve designed to ensure you aren’t paying more tax than necessary. Even better, we can connect with your CPA or tax professional directly, and using the attached checklists, we can discuss opportunities. When we’re done with the analysis, we’ll send you an email with some of our findings and recommendations.
Here are the ways you can get your tax returns to us:
Have your CPA send them to use directly via email or fax
Email to us using a secure message (we can initiate on our end and you respond so your insecure)
You can mail to us directly at the office
Why is this exercise important?
We can’t control the market — as showcased this past month — but we do have some control over your tax liability. Perhaps there are some deductions that can be maximized or may have even been overlooked; these reviews allow us to identify any planning opportunities for 2020 and beyond.
Having provided this kind of service to our clients for many years, we found that if we know your tax bracket, we might spot some planning opportunities for you to consider. Would you be better off owning municipal bonds rather than the taxable options? Could you benefit from conversions of some IRA assets to a Roth IRA? Are there smart actions for you to take in a low tax bracket year, or even a high one? Is there federal or state legislation on the horizon for you to prepare for?
We can always speculate on the answers to these questions, but when we have a better grasp of your tax return status, we can make more precise recommendations. Complete the checklists below based on your current circumstance for an accurate analysis:
- As Someone Who is Working – What Issues Should I Consider When Reviewing My 2019 Tax Return?
- As A Retiree – What Issues Should I Consider When Reviewing My 2019 Tax Return?
Look for our June release covering the topic of scenario planning…things to consider when you have a goal in mind, but life tosses out a curveball.
Members of the Wealth Strategies Team:
Cliff Jarvis
Ronald Lecours
Michael Lecours
Kari McLeod
Hal Rives