))
Episode 10 - The Tax Man Cometh [CFP CE Credit Eligible]
Archived series ("HTTP Redirect" status)
Replaced by: Zebra Smash - Real Financial Planners | Real Conversations
When?
This feed was archived on August 08, 2018 02:18 (
Why? HTTP Redirect status. The feed permanently redirected to another series.
What now? If you were subscribed to this series when it was replaced, you will now be subscribed to the replacement series. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 177471791 series 1357626
Content provided by Ben Birken and Roger Pine. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Ben Birken and Roger Pine or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
(CFP CE quiz available at www.cheetahsmash.com.)
Perhaps no single document contains as much valuable information about a client's life than their tax return. Successful advisors need to know how to navigate tax returns and identify those entries that bear scrutiny or indicate planning opportunities.
In this episode, Roger and Ben describe the processes and checklists that their respective firms use when reviewing client tax returns.
If you take away just one thing, we hope it's the idea that simply having such a checklist is critical to ensure consistency and completeness across reviews, particularly if you're looking to scale your practice.
But you want to take away more than one thing, right? Of course you do. That's why you listen to Zebra Smash. Our deep dive into the 1040 includes:
- Everyone's favorite supporting schedules: A, B, C, D, E, and even F
- Commonly seen issues with Qualified Charitable Distributions (QCDs) and Original Issue Discount (OID) income
- How to use Alternative Minimum Tax (AMT) to your advantage
- Identifying planning opportunities based on self-employed income
- Frequently missed deductions and/or credits
- Some incoherent ramblings from Roger about the foreign earned income exclusion and the foreign housing exclusion. Be sure to google both topics to undo whatever he puts in your brain.
- Communicating the results of reviews to clients
We didn't talk about too much stuff that we can link to, but here are a few interesting items:
- Download a copy of the 1040 and follow along at home!
- Did you know there's Income Tax cocktail? Looks delicious! (Please drink and do your taxes responsibly.)
- The Schoolhouse Rock way of teaching taxes
- Steve Martin's classic advice about how to be a millionaire and never pay taxes
60 episodes
Share
